Islamabad, Jan 29: Elon Musk’s ambitious plan to turn X into a platform akin to China’s WeChat is gaining momentum, with financial transactions becoming a core part of his vision. To facilitate this, X will launch X Money later this year, a comprehensive payment system designed to simplify financial activities on the platform.
The X Money service is being marketed as a solution “for all your money moves,” allowing users to conduct various financial transactions seamlessly within the platform. X CEO Linda Yaccarino also revealed that Visa would be the first official partner for X Money, ensuring that the platform’s payment system benefits from the global financial network.
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Key features of X Money will include the ability for users to securely and instantly add funds through Visa Direct, facilitating smooth peer-to-peer transactions and quick debit card payments. Additionally, users will be able to transfer funds directly to their bank accounts.
At present, the service is set to debut in the United States, though X has not disclosed any information regarding its availability in other countries. The wider international rollout of X Money will likely depend on local financial regulations and compliance requirements, which can vary greatly from one country to another.
Yaccarino teased that the Visa partnership is just the start, hinting at additional major features for X Money to be revealed later in the year. While these future features remain under wraps, anticipation is building as X continues to transform itself into a multi-functional platform.
