X is one step closer to finally launching its payments platform. According to X CEO Linda Yaccarino, the X Money service will debut “later this year” with Visa announced as its first partner.
In her announcement, Yaccarino says the service will support “secure + instant funding to your X Wallet via Visa Direct,” allowing users to make P2P payments and instantly transfer money to their connected bank account. (It sounds a bit like Venmo.) The X Money profile Yaccarino tagged in her announcement says the service is “launching in 2025.”
The service has been approved for money transmitter licenses in 41 US states, according to the X Payments website — however, that’s the only information currently listed on the site. As of June 2024, Bloomberg reported that X Payments is banking with Citibank and has agreements in place with payment providers like Stripe and Adyen.
Yaccarino says the Visa partnership is the “first of many big announcements” that will be made about X Money this year. It’s unclear if the service will be directly connected in some way to X’s creator revenue sharing program. Musk said that X is “barely breaking even” in an email to employees this month, and the company is currently scrambling to bring in revenue as banks reportedly prepare to sell off some of the $13 billion debt the Chief Twit borrowed to buy the platform.
