Elon Musk’s X Introduces A New Digital Payments Service X Money: How It Works

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(Last Updated On: January 29, 2025)

Key Highlights

  • X Money lets users send and receive money on X
  • Works with Visa for fast and secure transfers
  • Launching soon with approvals from 41 US states

Elon Musk’s social media platform, X (formerly Twitter), has unveiled X Money. This feature will allow users to send and receive money directly through the platform. With its partnership with Visa, X Money aims to compete with popular services like Venmo, Cash App, and Zelle.

Also Read | Elon Musk’s X Opens Doors To Adult Content: What You Need To Know

What Is X Money?

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X Money is a new digital payment service that enables users to transfer money easily. It works as a peer-to-peer (P2P) payment system, allowing users to:

  • Move money from their bank account to an X Wallet.
  • Send and receive money from other X users.
  • Link debit cards for quick transactions.
  • Transfer funds back to a bank account.

Partnership With Visa

X Money will work closely with Visa. The platform will use Visa Direct to enable instant money transfers into the X Wallet. This collaboration ensures smooth and secure transactions for users in the US.

How Does X Money Work?

The process of using X Money is expected to be simple:

  • Users will create an X Money account within the X app.
  • They can add funds by linking their bank account or debit card.
  • Money stored in the X Wallet can be used to make payments to other X users.
  • Funds can also be transferred back to a bank account when needed.

When Will X Money Launch?

The official launch date has not been announced yet but X CEO Linda Yaccarino has stated that X Money accounts will be available later this year.

Regulatory Approvals

To operate legally, X Money requires licenses from different US states. So far, it has received approvals from 41 states and is registered as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).

Also Read | Elon Musk’s Antispam Initiative: X May Require Payment For Just Posting

Elon Musk’s Vision For X

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Elon Musk has long envisioned X as an everything app, similar to China’s WeChat. With X Money, the platform takes another step towards integrating financial services, messaging, and social media into one seamless experience.

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About Shweta Srivastava

Say hello to Shweta, a tech fan who's hooked on keeping up with all things tech. When she's not exploring the latest gadgets, she's diving into a good book, clicking photos as an amateur photographer, or enjoying classic movies and music. With her love for both tech and creativity, Shweta adds her own touch to tech news in a way that's easy to understand and enjoy.

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