The social media platform for Elon Musk announced on Tuesday Launching payment services for digital portfolio and paid payments Visa.
X concluded a deal with VISA, the largest American credit card network, to be the first partner of what he calls X Money account, as the CEO of Linda Yaccarino announced in a post on the platform.
VISA will enable X users to transfer money between traditional bank accounts and their digital portfolio and make payments from instant peers, as is the case with cell Or Venmo.
It is the first concrete step from X to create a financial environmental system for the social networking site, which was called Twitter before it was bought by Musk in 2022. At the time, Musk said that acquiring $ 44 billion was a way to create “application of everything.” He later said that the platform would enable users to conduct the “entire financial world” on it.
In 2021 While Jack Dormyy was still at the top of X (Twitter), the company launched the Tipping Bitcoin feature that allowed users to add their encryption portfolio addresses and receive payments in the largest digital code in the world.
But getting the situation as a US money service company requires a more complex organizational scene.
For more than a year, Musk advances for these licenses for X. According to its websiteX Payments LLC was licensed in 41 states and registered with the Financial Crime Enforcement Network (FINCEN).
The X Money service is expected to be launched in the first quarter, and it is likely to deal with more financial partners, according to a person familiar with the situation.
This person, who spoke on the condition that his identity is not disclosed to discuss internal matters, said that one of the first cases of use to obtain X funds is to allow creators on the site to accept payments and store money without external institutions.
In November 2022Musk suggested to advertisers on the platform at a meeting publicly broadcast on the spaces that this type of product may ultimately provide certain banking features, such as the high -yield money market account.
The visa representatives refused to comment on the matter.
