Elon Musk’s social media platform X has announced the launch of a digital wallet and peer-to-peer payment services in partnership with Visa. CEO Linda Yaccarino shared the update in a post on the platform.

Visa, the largest US credit card network, will allow X users to transfer funds between traditional bank accounts and their digital wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term. Users will also be able to make instant payments, similar to services like Zelle or Venmo, CNBC reported.

X Introduces Peer-to-Peer Payments with Visa

This marks X’s first step toward creating a financial ecosystem for the platform, which Musk acquired for $44 billion in 2022. He previously described his vision for the platform as an “everything app” where users could manage their “entire financial world.”

"Social platforms are no longer only about sharing your daily insights or hobbies. They are a place where businesses now meet users and interact, where AI agents are communicating with the world, and as such, where real commerce is taking place," Ran Goldi, the SVP of Payments & Network at Fireblocks, commented.

He added: "X adding Visa Direct shows they understand they need to be as connected to the users’ payment rails as possible, and if I had to bet, X-Money’s next move would be the next obvious rail for micro and cross-border payments— Blockchain."

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

The X Money service is expected to launch in the first quarter, with additional financial partnerships likely. One early use case for the service is to allow creators on X to accept payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and store funds without involving external institutions.

Elon Musk’s X begins its push into financial services with Visa deal https://t.co/ziomXBIZab

— CNBC (@CNBC) January 28, 2025

Musk Faces SEC Lawsuit for Disclosure Failure

Earlier this month, the US Securities and Exchange Commission (SEC) sued Elon Musk for failing to promptly disclose his purchase of a 5% stake in Twitter (now X) in 2022. Under SEC rules, Musk was required to announce the purchase within 10 days of March 24, 2022, as reported by Finance Magnates.

He disclosed it on April 4, 2022, 11 days late, violating federal law. The SEC claims this delayed disclosure artificially kept the stock price low, benefiting Musk while disadvantaging investors. The SEC is seeking penalties, though the amount is not specified. Musk's lawyer dismissed the case as meritless.