The partnership will enable instant funding of X Wallet through Visa Direct, allow P2P payments via connected debit cards, and offer option to transfer funds to bank accounts. Credit: izzuanroslan/ Shutterstock.

Elon Musk-owned social media platform X has partnered with payments giant Visa to power its digital wallet service, X Money, according to a post on X by CEO Linda Yaccarino. 

The X Money service is expected to launch in the first quarter, with Visa being the first partner for X Money accounts, marking the “first of many big announcements about X Money this year.” 

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This partnership will enable instant funding of X Wallet through Visa Direct, allow peer-to-peer (P2P) payments via connected debit cards, and offer the option to instantly transfer funds to users’ bank accounts, the post said. 

Visa has acknowledged the partnership through a post on X. 

In 2021, under Jack Dorsey’s leadership, X, then Twitter, introduced a bitcoin tipping feature, enabling users to add their crypto wallet addresses and receive payments in the digital token. 

However, gaining approval as a money service business in the US required more complex regulatory procedures, CNBC reported. 

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Musk acquired Twitter for $44bn in April 2022 and rebranded it as X, later stating that the platform would allow users to manage their “entire financial world,” stated CNBC. 

He revealed plans to transform it into a “super app,” similar to China’s WeChat, highlighted Reuters.  

One of the first use cases for X Money is enabling creators on the platform to accept payments and store funds without relying on external institutions, according to an undisclosed source cited by CNBC. 

As per its website, X Payments is now licensed in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN). 

In a 2022 pitch deck to bankers funding his Twitter acquisition, Musk projected $15m in payments revenue for X by 2023, growing to $1.3bn by 2028, The New York Times reported. 

He also outlined replacing ad revenue, which accounted for over 90% of X’s earnings, with subscriptions and payments fees.