Elon Musk’s X and Visa ink deal as it pursues becoming the ‘everything’ app

X has inked a partnership with Visa as the Elon Musk-owned social media platform seeks to become an “everything” app that offers peer-to-peer payments and other capabilities.

“Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year,” X CEO Linda Yaccarino said Tuesday. 

According to the social media platform’s CEO, X Money Accounts will support “secure + instant” funding to X Wallets using Visa Direct, Visa’s digital payment network.

When the X Money Account service launches later in the year, Yaccarino said users will also have the ability to do peer-to-peer payments by connecting their debit cards. 

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Transfers of funds directly to users’ bank accounts will be available through the partnership with Visa as well, her post said.

The financial services company said on X that it was “excited to partner with @XMoney on the launch of X Money Account.”

The profile for X Money, which was created in January of last year, described itself as being “for all your money moves, powered by X.” 

The deal with Visa is the “first of many big announcements” about X Money that users of the social media platform can expect in 2025, Yaccarino indicated.

Musk has long wanted to incorporate payment features on X, which he acquired more than two years ago for $44 billion. He has also voiced a goal of turning the platform into an “everything” app on multiple occasions. 

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For example, in July 2023 when the social media site rebranded from Twitter to X, the tech billionaire said the company would “add comprehensive communications and the ability to conduct your entire financial world” to X.

Since Musk became the owner of the platform, X has rolled out audio and video calling features, job searching and posting capabilities and other tools. The artificial intelligence chatbot Grok has also become available on X to Premium and Premium+ subscribers. 

Musk made Yaccarino the CEO of X in June 2023, ending his roughly seven-month tenure in the position.