Elon Musk-owned social media platform X is taking a major step toward becoming an all-in-one digital hub by partnering with Visa to introduce real-time payment services. The initiative aligns with Musk's long-standing ambition to transform X into a multifunctional "everything app," integrating social media, finance, and more.
X has officially announced Visa as the first partner for its upcoming “X Money Account” service, which is expected to launch later this year. This collaboration will enable users to access digital wallets, conduct peer-to-peer (P2P) transactions, and transfer funds directly to their bank accounts.
X CEO Linda Yaccarino shared the news on the platform, emphasizing Visa Direct's role in enabling instant, secure funding for the X Wallet. The service will initially be available in the United States, with no confirmation on global expansion.
Visa confirmed in a separate post on X that its Visa Direct solution will power the new payment system. This technology facilitates fast money transfers, allowing users to link their debit cards and conduct instant transactions. With the integration of Visa Direct, X Money aims to provide a smooth and efficient digital payment experience.
The concept of an "everything app" has been central to Musk’s vision for X. Even before acquiring the platform in 2022 for $44 billion, Musk had expressed interest in developing a multifunctional service similar to China’s WeChat. WeChat combines messaging, video, social media, and financial services into one seamless experience, something Musk hopes to replicate.
Musk’s fascination with online financial services dates back to the late 1990s when he co-founded X.com, an online banking startup that later merged with PayPal. Despite advocating for broader financial integration, his vision was not shared by PayPal’s leadership, leading to the company’s eventual sale to eBay in 2002.
The race to build all-in-one platforms is heating up, with several companies adding financial services to their existing ecosystems. Meta (formerly Facebook) has already integrated shopping, gaming, and dating features into its social media apps. However, Musk’s X faces stiff competition in a digital world where consumers use multiple platforms for different needs, making it uncertain how well X Money will be received.
Additionally, X has faced backlash from users and advertisers due to concerns over rising hate speech and misinformation since Musk’s takeover. These controversies could pose challenges in attracting new users and businesses to the financial services platform.
X’s move into digital payments may also bring regulatory scrutiny. US regulators have accused Apple of restricting the growth of super apps on its iPhone ecosystem to maintain control over native services like Apple Pay. The US Justice Department has filed an antitrust lawsuit against Apple, claiming it deliberately limited competition. Apple has denied the allegations and is currently seeking to dismiss the case in federal court.
As X moves forward with its financial expansion, it remains to be seen how regulators, competitors, and consumers will respond to Musk's ambitious plans.
Conclusion: A New Era for X?
The partnership between X and Visa marks a significant milestone in Musk’s journey toward creating an all-encompassing digital platform. With real-time payments and digital wallets, X is gradually moving closer to its "everything app" vision. However, challenges remain, from regulatory hurdles to competition with established financial and social media giants.
As more details about X Money emerge, the platform’s success in revolutionizing digital transactions will depend on user adoption, security, and scalability. Whether X will truly transform into a dominant super app remains to be seen.