X, formerly known as Twitter, is poised to launch its groundbreaking financial service, X Money, in the first quarter of the upcoming year. This move marks the first concrete step by X to establish a comprehensive financial ecosystem within the social media platform. The announcement came from CEO Linda Yaccarino, who revealed the development on the platform on Tuesday. The service will allow creators to receive payments and store funds without relying on external financial institutions, aligning with Elon Musk's vision of an "everything app" following his $44 billion acquisition of Twitter in 2022.
In a significant partnership, X has teamed up with financial services giant Visa to kickstart the X Money Account. This digital wallet and peer-to-peer payments service will provide users with seamless integration between traditional bank accounts and their digital wallets. Visa's involvement will enable instant peer-to-peer transactions, similar to popular services like Zelle and Venmo. This collaboration underscores X's commitment to expanding its financial services and enhancing user convenience.
X Money is expected to engage with more financial partners as part of its strategic expansion. According to sources familiar with the situation, this initiative is set to transform how users interact financially on the platform. By facilitating direct payments through X Money, creators can enhance their monetization strategies while bypassing third-party payment processors. This innovative feature is anticipated to become a major attraction for users, further embedding financial activities within the social media experience.
The introduction of X Money is a pivotal element in Elon Musk's broader strategy to create an all-encompassing app that integrates various facets of daily life. The integration of financial services within the platform reflects Musk's ambition to streamline user experiences and provide a one-stop solution for both social interactions and financial transactions. The partnership with Visa is a critical milestone in this journey, underscoring the importance of strong alliances in realizing this vision.