Elon Musk's X Money payments app set to finally go live this year
With money-transmitter licenses from over 40 states now in hand, it looks like X is finally gearing up to launch the payments app its leaders have been teasing for a while.
Linda Yaccarino, CEO of X, revealed that the company plans to launch X Money later this year in partnership with Visa. The service will let users send person-to-person payments using debit cards and transfer funds directly to a bank account, similar to Venmo. It will also introduce an "X Wallet" feature for depositing money.
Both Linda Yaccarino and X owner Elon Musk have been vocal about their goal to introduce financial services to X, aiming to transform it into an "everything app." In 2023, they were confident the service would launch in 2024, but it seems those plans hit a delay. At the time, Musk painted a pretty clear picture of his vision for X Money.
Right now, X Money seems far from the ambitious vision Musk described. However, Yaccarino called the Visa partnership the "first of many big announcements about X Money this year." Details on how the service will work or how X plans to profit from it are still under wraps. However, it is known that the app will be available only in the US, at least at launch.
To stand out, X Money will need to offer something extra, as convincing iOS users to move away from Apple Wallet or Android users to drop Google Wallet or Samsung Wallet – all of which already support person-to-person payments – won't be easy. And let's not forget the other well-established options already in the mix, like Venmo.
Plus, I think with Elon Musk becoming more involved in politics, winning over users might get even trickier. But hey, we'll see how it plays out.
Linda Yaccarino, CEO of X, revealed that the company plans to launch X Money later this year in partnership with Visa. The service will let users send person-to-person payments using debit cards and transfer funds directly to a bank account, similar to Venmo. It will also introduce an "X Wallet" feature for depositing money.
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
— Linda Yaccarino (@lindayaX) January 28, 2025
Allows for secure + instant funding to your X Wallet via Visa Direct
Connects to your debit card allowing P2P payments
Option to instantly…
When I say payments, I actually mean someone's entire financial life. If it involves money, it'll be on our platform – money, securities, or whatever. So, it's not just like sending $20 to my friend. I'm talking about, like, you won't need a bank account.
– Elon Musk, X owner, during all-hands call, October 2023
To stand out, X Money will need to offer something extra, as convincing iOS users to move away from Apple Wallet or Android users to drop Google Wallet or Samsung Wallet – all of which already support person-to-person payments – won't be easy. And let's not forget the other well-established options already in the mix, like Venmo.
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