X money It was revealed on Tuesday by the X of Elon Musk, the microblog platform previously known as Twitter. The new digital wallet service and payments are set to allow users to send and receive money in a pair system (P2P). Users will be able to transfer money from their bank account to a digital wallet and then transfer funds to another wallet on the platform. X money will work with the US -based payment company VisaAnd the service must compete with applications such as Cashapp, Venmo and Zelle.
X money to use Visa Direct for instant funds transfers
X CEO Linda Yaccarino announced Details of the new platform on Tuesday, stating that support for x money accounts would arrive “later this year”. The platform has partnered with Visa, and users will be able to transfer instantly funds to the ‘X Wallet using Visa Direct, he added. These funds can be used to make P2P payments in the service.
In addition to moving funds to the digital wallet, X Money will also allow users to link their debit card to their account and make P2P payments on the platform, the CEO said in the post. Currently, P2P payments are supported by various applications in the US, from Cashapp to Venmo (or even Apple Pay cash).
Users will also have the option of transferring funds (presumably from the X portfolio) to the bank account. There is no word of the company just when X Money will be available to users in the US. Visa said in a publish X -cash use users from X in the US could make real -time transfers using a debit card.
A step closer to a ‘everything app’
After buying Twitter and Rebrante for X, Elon Musk made clear his plans for the platform. The billionaire plans to turn X into a “Everything” app inspired by Chinese applications like Wechat supported to make payments, shopping, messages and other features.
X has been working on the addition of support for digital payments in the last two years. In December 2023, musk told Ark Invest Cathie Wood, which would require approval in the form of licenses from several US states before she could start operations as a money transmitter.
From Wednesday, a Support document For the payment platform, it reveals that X has received licenses from 41 states and that X Payments LLC is also registered as a money service business (MSB) on the US financial crimes execution network (Princenial).
X Money could eventually compete with PayPal, the payment service company formed after the confirmation merged with Bank X.com Elon Run-Run in 2000. The billionaire has plans to launch a payment platform for over two decades, And they could finally come to this year with the launch of X Money.