Elon Musk’s X partners with Visa to move into financial services—and no, it’s not for crypto (yet)

In an effort to monetize the social media platform, Elon Musk’s X announced Tuesday it would be partnering with Visa on a digital wallet and peer-to-peer payments services for its upcoming X Money Account.

The product, which is likely to launch in the first quarter of this year, would enable users to move funds between their bank accounts and a digital wallet in real-time, similar to Venmo or Zelle, with more deals on the horizon, CNBC reported.

CEO Linda Yaccarino said on X it will launch later in 2025 and is just the “first of many big announcements about X Money this year.”

Musk, who bought Twitter for $44 billion in 2022, has struggled to make X profitable and keep users from fleeing to Bluesky and Threads due to its increasing right-wing tone and content. The announcement comes days after the Wall Street Journal reported banks are ready to sell billions of dollars of debt Musk borrowed to buy X, and revealed Musk told employees in an email that “revenue is unimpressive, and we’re barely breaking even.”

Visa, which is the largest credit card network in the country, will use Visa Direct, its financial solution for instant money transfers, according to TechCrunch.

Musk has previously said he wants to transform X into an “everything app” similar to China’s WeChat: “a single application that encompasses everything,” from digital town square to banking platform, where users could “do payments, messages, video, calling, whatever you’d like, from one single, convenient place,” The Verge reported.