Link: X says its payments service will finally launch this year

X is set to launch its own payments platform, X Money, later this year in partnership with Visa. This service aims to facilitate secure and instant P2P transactions and link directly to users’ bank accounts via Visa Direct.

Despite the enthusiastic announcement by CEO Linda Yaccarino, there's some confusion as the X Money profile indicates a launch year of 2025. Furthermore, the service has secured money transmitter licenses in 41 US states.

X Payments, the entity behind X Money, is working with established financial players like Citibank, Stripe, and Adyen. Bloomberg highlighted these partnerships in its June 2024 report.

The creation of a payments system aligns with owner Elon Musk’s broader vision of transforming X into a versatile platform, beyond its original scope as a social network. Musk has discussed integrating various financial services under X’s umbrella since taking over the platform in 2022.

Yaccarino hinted that more significant updates about X Money will be revealed throughout the year. However, details about how this service will integrate with X’s creator revenue program remain unclear.

Musk’s ambitions are facing fiscal pressures as X struggles to reach profitability and manage substantial acquisition-related debts. Banks are reportedly poised to sell off parts of the $13 billion borrowed for purchasing what was previously known as Twitter. #

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