X CEO, Linda Yaccarino, announced on Tuesday that the social media platform will be launching a digital wallet in a partnership with Visa.
The services provided by Visa will allow peer-to-peer payments on the platform like Zelle or Venmo. In her Tuesday X post, Yaccarino highlighted several key points about the upcoming feature:
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“Allows for secure + instant funding to your X Wallet via Visa Direct”
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“Connects to your debit card allowing P2P payments”
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“Option to instantly transfer funds to your bank account”
According to this article from CNBC, X’s owner Elon Musk has been applying for the financial licenses required to launch this partnership for over a year, as “attaining status as a money services business in the U.S. required navigating a… complex regulatory landscape.”
The move is a milestone for the company as it is another step towards Elon Musk’s vision to make X the “everything app.”
