You Won’t Believe What X and Visa Just Announced (😲)!

by

Well, folks, it looks like the tech world has given birth to another utterly necessary innovation. On January 28th, X CEO Linda Yaccarino proclaimed, “another milestone for the Everything App.” For those keeping score at home, Visa is now the proud partner for the new X Money account, which should be sliding into our lives later this year. And yes, I’m sure we’re all on the edge of our seats.

X, formerly the social media app we knew and confusedly loved, will use Visa Direct for real-time money transfers – because who doesn’t want to play the thrilling game of digital wallet roulette? The X Money wallet will even let you connect to a debit card to perform daring feats like paying users and transferring money back to your bank account.

Mark your calendars or don’t; X Money is launching in 2025 to spar with the digital wallet gladiators—Venmo, Cash App, and Zelle. Place your bets, ladies and gents!

Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.

Allows for secure + instant funding to your X Wallet via Visa Direct

Connects to your debit card allowing P2P payments

Option to instantly…

— Linda Yaccarino (@lindayaX) January 28, 2025

Payments Coming to X

“Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card,” the credit card company enthused, possibly while stifling a yawn.

According to CNBC, X Money will offer an astonishingly revolutionary feature where platform creators can get paid for their monetized content and even store those funds on X, cutting out those pesky banks. Truly groundbreaking stuff.

“The X Money service is expected to launch in the first quarter, and deals with more financial partners are likely,” the outlet whispered, citing anonymous sources.

Not to be left out, podcaster Lex Fridman chimed in, “I can’t wait for this,” and then went down the innovation rabbit hole with, “Payments, banking, etc could use a lot of innovation. Integrating crypto would be great, too.”

Of course, the specter of Elon Musk looms large. He’s been chattering about Dogecoin payments on the platform for ages, but surprise, surprise, no crypto was mentioned in the big reveal.

Musk has been babbling about turning X (then Twitter) into a financial juggernaut since he moved in. Tips for creators and dreamy high yields on balances? Yes, please. “X can become the biggest financial institution in the world,” he boldly suggested in March 2023, likely while twirling an invisible mustache.

App researchers, bless their hearts, have been digging into the payment platform’s code, revealing fascinating tidbits like:

Let’s see what X Money really is!

At first, it won’t be available in all US states!

You’ll have a wallet in your X account where you can deposit or withdraw money from it!

You’ll be able to connect your bank accounts.

Then you can use it to transfer money to other users!

— Nima Owji (@nima_owji) January 23, 2025

Regulatory Quagmire

Money transmitter licenses in the United States, as it turns out, are trickier to snag than the last piece of cake at a family reunion. X has been plugging away at this for the past year.

Currently licensed in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN), X is inching its way to full compliance, but don’t get too excited – it won’t be available everywhere in the US when it launches. Around 55 million users in the States will just have to sit tight.

Read More

2025-01-29 09:09