[NEWS] Elon Musk's X Partners with Payment Giant Visa to Introduce Payment Functionality

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On the 28th, X, led by Elon Musk, announced a partnership with U.S. credit card giant Visa to introduce a payment functionality. The company plans to roll out a new payment service called "X Money" within 2025. With this service, X aims to go beyond being just a social media platform and establish itself as a "super app" integrating financial services.

Key Features of X Money

X Money is designed as a platform that enables users to manage funds via a digital wallet and make instant transactions. Its main features include:

• Digital Wallet: Users can deposit, withdraw, and manage funds through their X Money account.
• P2P Payments: Peer-to-peer (P2P) payment functionality allows for fast and easy money transfers.
• Instant Transfers: Through the partnership with Visa, users can instantly move funds between their bank accounts and debit cards.
• Cryptocurrency Integration: Future support for cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE) has been hinted at.
• Tipping Feature: A system is planned to allow direct financial support for content creators.

With these features, X Money is not only positioning itself as a competitor to existing payment services but also aims to differentiate itself by integrating cryptocurrency transactions and creator monetization support.

Recently, it was reported that Elon Musk has been considering adopting blockchain for the Department of Government Efficiency (D.O.G.E) and has held discussions with multiple blockchain providers.

This initiative appears to be aimed at leveraging blockchain technology for tracking expenditures, processing payments, and managing data, ultimately enhancing transparency in government operations and spending. Most notably, the abbreviation of this department, "D.O.G.E," strongly resembles Dogecoin (DOGE), Musk’s favorite cryptocurrency.

Additionally, Musk holds approximately $1 billion (¥158 billion) worth of Bitcoin on his company’s balance sheet. He is increasingly positioning himself as a symbolic figure leading the integration of cryptocurrency into governance efficiency. There is a growing expectation that X Money may eventually incorporate cryptocurrencies that Musk has publicly supported.

X’s entry into the financial services sector comes with several challenges, including regulatory compliance, security measures, and competition from existing financial apps and payment services.

However, if X Money fully launches in 2025, it could bring a major transformation to the X platform. Notably, as one of the few super apps integrating cryptocurrency, it is expected to pioneer a new market by merging social networking and financial services.

Image: Shutterstock

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