Social media platform X selects Visa to power payments for X Money
Visa has joined X, the San Francisco-headquartered social media platform, formerly known as Twitter prior to its October 2022 acquisition by Elon Musk, as the first partner of its impending wallet service X Money.
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Social media platform X partners with Visa for direct payment solution
Announcing the partnership via a post on the platform, X CEO Linda Yaccarino shared that the company had opted for the Visa Direct solution.
The real-time payments platform will be used to power instant fund transfer and peer-to-peer (P2P) payment capabilities for US-based users of the X Money Account.
Corroborating the CEO’s statement in a separate post, Visa says its platform will “make it possible for US X Money Account users to fund and transfer money in real-time with their debit card”.
X previously outlined its P2P payment plans through a blog post published in January last year, which emphasised how providing the capability for business partners specifically would allow “more user utility and new opportunities for commerce”.
In the year since this update, the company’s payments subsidiary, X Payments, has quietly laid the groundwork for these plans by acquiring over 40 money transmitter licences across the US.
Yaccarino confirms that X Money will “debut later this year”, with the Visa partnership being the “first of many big announcements” to come.