Elon Musk's X announces deal with Visa to launch in-app financial services
Social media site X has announced a deal with Visa as part of plans to launch a digital wallet for making instant payments on the platform.
X chief executive Linda Yaccarino said in a post to the platform that Visa was the first partner for X Money, which she said will launch with an X Wallet later this year.
The system will enable users to link their digital wallet with their bank account and debit card to transfer funds to and from their bank account, as well as make peer-to-peer payments.
The move will be X's first into financial services, and feeds into a long-term aim of the site's owner, Elon Musk, who has spoken repeatedly of his desire to create an 'everything app', where users are able to access social media, entertainment, online shopping, communications and other services without having to leave that single app.
In a post to X on the announcement, Ms Yaccarino referred to it as 'another milestone for the Everything App', adding that the X Money account would 'debut later this year'.
'First of many big announcements about X Money this year,' she said.
According to reports in the US, X Money is expected to launch in the first quarter of this year, and will initially be used to allow creators on the platform to store their funds from posting and accept payments from subscribers without needing to use third parties.
Visa has not yet commented on the announcement.
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