Elon Musk's vision for X, formerly Twitter, is taking a significant step forward with the launch of a mobile payment platform later this year. The platform, dubbed X Money, will initially focus on peer-to-peer payments and will be integrated with Visa as its first financial partner.
X CEO Linda Yaccarino announced the development, stating that X Money will allow users to "conduct your entire financial world" within the app. This includes features such as secure and instant funding to X Wallets via Visa Direct, connecting to debit cards for P2P payments, and the option to instantly transfer funds to bank accounts.
Musk's ambition is to transform X into a comprehensive "everything app", similar to China's WeChat. WeChat has become a ubiquitous platform in China, offering a wide range of services, from messaging and payments to ride-hailing, food delivery, and more. X Money is a key component of this vision, aiming to replicate WeChat's success in the Western world.
While the initial launch of X Money will focus on peer-to-peer payments, the company plans to expand its functionality to include mobile payments to businesses, both online and in-store, in the future.