Elon Musk’s social media platform X has announced the launch
of a digital wallet and peer-to-peer payment services in partnership with Visa.
CEO Linda Yaccarino shared the update in a post on the platform.

Visa, the largest US credit card network, will allow X users
to transfer funds between traditional bank accounts and their digital wallet.
Users will also be able to make instant payments, similar to services like
Zelle or Venmo, CNBC reported.

X Introduces Peer-to-Peer Payments with Visa

This marks X’s first step toward creating a financial
ecosystem for the platform, which Musk acquired for $44 billion in 2022. He
previously described his vision for the platform as an “everything app” where
users could manage their “entire financial world.”

Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.Allows for secure + instant funding to your X Wallet via Visa Direct Connects to your debit card allowing P2P payments Option to instantly…

— Linda Yaccarino (@lindayaX) January 28, 2025

The X Money service is expected to launch in the first
quarter, with additional financial partnerships likely. One early use case for
the service is to allow creators on X to accept payments and store funds
without involving external institutions.

Elon Musk’s X begins its push into financial services with Visa deal https://t.co/ziomXBIZab

— CNBC (@CNBC) January 28, 2025

Musk Faces SEC Lawsuit for Disclosure Failure

Earlier this month, the US
Securities and Exchange Commission (SEC) sued Elon Musk for failing to
promptly disclose his purchase of a 5% stake in Twitter (now X) in 2022. Under
SEC rules, Musk was required to announce the purchase within 10 days of March
24, 2022, as reported by Finance
Magnates.

He disclosed it on April 4, 2022, 11 days late, violating
federal law. The SEC claims this delayed disclosure artificially kept the stock
price low, benefiting Musk while disadvantaging investors. The SEC is seeking
penalties, though the amount is not specified. Musk’s lawyer dismissed the case
as meritless.

This article was written by Tareq Sikder at www.financemagnates.com.

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