HIGHLIGHTS

Linda Yaccarino has announced that X Money will provide “secure + instant funding to your X Wallet through Visa Direct.”

The anticipated launch date for X Money is set for 2025.

To date, the service has acquired money transmitter licenses across 41 U.S. states.

The micro-blogging platform X, which was previously known as Twitter, is poised to introduce its much-anticipated payments platform soon. After weeks of speculation, X’s CEO, Linda Yaccarino, confirmed that the service will be launched “later this year,” with Visa stepping in as the inaugural official partner. The payment functionality is expected to operate similarly to existing options found in applications such as WhatsApp. Here’s what we know about X Money so far.

According to Yaccarino, X Money aims to provide “secure + instant funding to your X Wallet via Visa Direct.” This feature will facilitate peer-to-peer payments, allowing users to quickly and seamlessly transfer money to their bank accounts. This setup closely resembles popular services like Venmo, which have made transferring funds a straightforward process for users.

Yaccarino’s remarks imply that Visa is just the first of several partnerships that X plans to announce throughout this year. However, it remains uncertain if X Money will have connections to the platform’s creator revenue-sharing initiative, leaving questions about its full range of functionalities unanswered for the time being.

When is X Money expected to launch?

In her announcement, Yaccarino tagged the X Money profile, which indicates that its launch is targeted for 2025. As outlined on the X Payments website, the service has successfully secured money transmitter licenses in 41 U.S. states, reflecting its commitment to compliance and regulatory standards. Furthermore, Bloomberg has reported that X Payments was collaborating with Citibank and had established partnerships with leading payment providers such as Stripe and Adyen as of mid-2024.

Since Elon Musk acquired Twitter in 2022, he has embarked on an ambitious transformation of the platform into “X.” This move is part of a broader strategy to evolve X into an “everything app,” a concept that integrates various functionalities beyond social media.

The timing of this announcement is significant, especially as X faces financial hurdles. Musk has been transparent about the company’s financial status, stating that X is “barely breaking even.” Reports have surfaced indicating that banks may be looking to offload some of the staggering $13 billion debt incurred during Musk’s acquisition of the platform. With the rollout of X Money, the company anticipates generating a new revenue stream, which could play an essential role in stabilizing its financial situation.

The introduction of X Money aligns with growing trends in digital payments and the increasing need for users to transact securely and efficiently online. As X continues to innovate and expand its services, it will be interesting to see how the market responds to this new platform, as well as how it competes with established financial services and payment platforms already dominating the landscape.

Ultimately, the success of X Money may hinge on its ability to offer unique features that set it apart from competitors while ensuring user security and convenience. As further details emerge leading up to the launch, industry observers will be watching closely to see how X adapts and integrates this new service into its evolving ecosystem.