X Chief Executive Officer Linda Yaccarino has confirmed that X Money service is almost succeeding.
In her new statement shared by tech media outlets, payments giant Visa will be X Money’s “first partner” for the service debuting later this year.
In a follow-up post on the platform, Visa said it will enable American users of the forthcoming service to “fund and transfer money in real-time with their debit card.”
Yaccarino said the Visa partnership is the “first of many big announcements about X Money this year” for the company’s payments service joining a space already dominated by three names: Venmo, Block’s Cash App and Zelle, which is jointly owned by seven U.S. banks including Bank of America and JPMorgan Chase.
Yaccarino did not share insight on what will differentiate X Money from established peer-to-peer payments competitors other than the service being native to a non-financial App.
It has, however, emerged that the X Money will allow creators on the site to get paid for their monetized content and store those funds directly on X rather than via a bank.
And the Visa deal is “another milestone for the Everything App,” remarked Yaccarino, nodding to the richest man in the world Musk’s ambitions to transform X into an all-encompassing service since buying the company then known as Twitter in 2022.
