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 . 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."

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 and store funds without involving external institutions.

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.