Elon Musk’s microblogging social media platform X has inked a deal with Visa, the card payment giant.
In an update by Linda Yaccarino, Chief Executive Officer of X Corp, the partnership will provide direct payment solutions to customers of the social media app.
Elon Musk’s Visa Partnership Expands X’s Financial Horizons
This recent development is significant as it pushes the X platform closer to its goal of becoming an “Everything App.”
As an everything app, X would offer various services, such as messaging, social networking, and payments.
With this collaboration, Visa becomes the first X money account partner, allowing users to fund their X wallet instantly.
Additionally, users can link their debit cards for peer-to-peer payments and transfer funds directly to their traditional bank accounts from X money.
The move for this commenced after Elon Musk declared he would make X a financial platform beyond microblogging.
Musk stated he would reward creators on the platform for their activities, which is already happening for verified users.
The direct payment solution services by Visa to X users mean the payment giant is looking to take a slice of the profitable digital payment space.
Visa would now compete with PayPal, Apple Pay, Google Pay, and a host of other tech firms in the ecosystem. The choice of Visa for the partnership signals trust, given the card payment giant’s credibility in the global payment space.
Is Crypto Payments, Dogecoin Next?
Experts have suggested that the X payment could drive the adoption of digital currency in the long run.
Notably, Musk is crypto-friendly, and his posts on X have shown support to memecoins such as Dogecoin (DOGE). His fondness for the asset might prove significant in integrating DOGE into the digital wallet.
Furthermore, with the traction that digital assets are gaining globally, analysts predict widespread adoption is inevitable.
They foresee a future where different crypto asset options become available, allowing users to choose their preferred cryptocurrency when making payments.
Interestingly, Visa has been providing crypto-linked card services for years.
In the first half of 2021, for instance, the card payment giant recorded over $1 billion in customer transactions. Ever since then, Visa has continued to make notable progress.
Last year, Visa collaborated with Coinbase, connecting the crypto exchange to the Visa Direct network. This integration helps customers in making direct fund deposits into their accounts.
Last month, Visa also partnered with WhiteBIT, a European cryptocurrency exchange. This deal with X is the most recent of Visa’s innovative digital asset collaboration.
Anticipating X Money’s Launch Timeline
Notably, the partnership has not yet translated into a product launch. According to Linda Yaccarino, X Money will debut later this year.
Although some have speculated it could debut within the next six months, it is unclear when the actual unveiling would occur.
However, the announcement means the platform users can anticipate the services to come on online before the end of 2025.
Interestingly, Yaccarino emphasized that the current update is the first in a series of plans for X Money. She maintained that other big updates will reach the ecosystem as things unfold.
Some have speculated that it could later integrate crypto payments, given the name “everything app.” So, they anticipate that future updates might spell out the timelines for such innovations.