Elon Musk’s X Partners with Visa for X Money Payment System
X Partners with Visa for X Money Launch
- X, led by CEO Linda Yaccarino, has partnered with Visa to facilitate person-to-person payments for its upcoming product, X Money.
- The partnership enables users to fund X wallets via Visa Direct, connect debit cards, and transfer funds instantly to bank accounts.
- X Money is expected to launch before the end of the year, with more announcements anticipated.
- Elon Musk aims to evolve X into an "everything app," integrating financial services into the platform.
- X has acquired money transmitter licenses in over 40 states and is registered with FinCEN as a Money Service Business.
Concerns Raised About Financial Control
- Commentator Dominic Michael Tripi expressed concerns regarding X's control over user finances, suggesting potential risks if user accounts are suspended or verification is revoked.
- Tripi warned this could lead to a form of social credit system impacting access to funds.