X, a social-networking platform owned by Elon Musk, recently spotlighted a new collaboration with credit card giant Visa for its upcoming X Money service.
The partnership revolves around the utilization of Visa Direct, a cutting-edge system created by Visa for instantaneous money transfers. The function of this collaboration is to facilitate loading money into X Money’s digital wallet, connect it to a debit card, and swiftly transfer funds back to a user’s banking account.
Although the company has publicized the partnership, it has not released the product yet. According to Linda Yaccarino, CEO of X, the alliance with Visa is just the first in a series of significant announcements related to X Money launching this year.
Musk has previously voiced his vision of transforming X into a financial forum shortly after acquiring the platform. He had discussed the potential of using X as a medium to reward content creators with tips and generate high returns from the balance within X.
Currently, X has been busy acquiring money transmitter licenses across the U.S. for its payments division, X Payments. Evidence of this was found by app researchers who discovered several snippets of code related to X Money’s functionality of loading money into a wallet and initiating P2P payments.
Original source: Read the full article on TechCrunch
