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?
![X-Twitter](https://newsimg.giznext.com/mobile/production/news/wp-content/uploads/2023/10/26122158/X-Twitter.png)
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
![x-twitter](https://newsimg.giznext.com/mobile/production/news/wp-content/uploads/2023/07/24112650/x-twitter.png)
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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