Elon Musk's X begins its push into financial services with Visa deal
Published On Jan 28, 2025, 9:58 AM
Elon Musk’s platform, X (formerly Twitter), has partnered with Visa to launch a digital wallet termed the X Money Account. This service will allow users to transfer funds between bank accounts and their digital wallet, as well as conduct peer-to-peer payments similar to Zelle or Venmo. This move is a significant step in X's ambition to establish a comprehensive financial ecosystem, an aspect Musk has been pursuing since acquiring Twitter in 2022. The service is set to launch in the first quarter of 2025, with expectations of additional financial partnerships.
Stock Forecasts
V
Positive
This partnership opens up new revenue streams for Visa and enhances the monetization potential for X. As X aims to solidify its place in the fintech space, growth in user engagement and payment processing could follow, making Visa a potential beneficiary. The collaboration may also attract more users to the platform, boosting its overall market presence and valuation.
Related News
How credit card swipe fees are affecting shoppers
Jan 8, 2025, 7:00 AM
Industry experts say credit card swipe fees are taking a chunk out of Americans' spending power. But Electronic Payments Coalition claimed these processing costs are among the lowest.
Consumer watchdog warns companies against devaluing credit card rewards, launches tool to avoid scams
Dec 18, 2024, 12:59 PM
Credit card companies may be illegally devaluing rewards points or airline miles that customers have accrued, the Consumer Financial Protection Bureau warned.
Shoppers increasingly using cash to budget
Dec 4, 2024, 7:36 PM
Notes and coins used in a fifth of transactions, say retailers - a second consecutive annual rise.