Elon Musk's X just revealed a cool partnership with Visa to bring their services into X Money. This means users can connect their debit cards to easily send money to one another and transfer funds straight to their bank accounts in no time.

Linda Yaccarino, the CEO of X Corp, shared that Visa is the first partner for the new X Money Account, showcasing some of its awesome features.

“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 transfer funds to your bank account. First of many big announcements about X Money this year,” she stated.

Visa is stepping in as the first major partner in Elon Musk's vision to weave payments into X's growing ecosystem.

Musk has always dreamed of turning X (formerly Twitter) into an “everything app,” where users can enjoy a mix of services like messaging, social networking, and financial transactions all in one place.

In October 2023, he shared his goal for X to become the go-to spot for users' financial needs, highlighting plans to provide a full range of financial services that could make traditional bank accounts obsolete. Musk aims to create a one-stop shop for everything from online shopping to peer-to-peer money transfers and even in-store purchases.

That said, X is up against tough competition from established payment platforms like PayPal’s Venmo, bank-supported Zelle, and Apple’s popular Wallet service.

Building a payments network is seen as essential for X, as Musk imagines a digital ecosystem that extends beyond just social media.

Since Musk took the reins in 2022, X Payments has been pushing for regulatory approval for its payment system. As of now, the company has secured money transmitter licenses in 41 states, marking a big step toward becoming a legitimate financial service provider.

Musk has frequently pointed out the importance of diversifying X's revenue sources beyond advertising, which has historically been the main income stream but has seen a significant slowdown since his takeover. 

He’s also set his sights on making X the largest financial institution globally, even discussing the possibility of offering users an “extremely high yield” on funds held in their X accounts.

X is rolling out a digital dashboard on its website and mobile app as part of its growing financial ecosystem. This dashboard will be a one-stop shop for users to handle their payment activities, like sending and receiving money, keeping funds, and checking out their transaction history.