Elon Musk's ambitious plan to transform X (formerly Twitter) into an "everything app" is taking a significant step forward. The platform is set to introduce a new digital payment system called "X Money", which will soon enter a limited beta testing phase. X Money aims to integrate digital payments directly into the X platform, allowing users to perform peer-to-peer transactions, link their debit cards, and transfer funds to bank accounts. This initiative is part of Musk's broader vision to evolve X into a multifunctional platform encompassing social networking, messaging, and financial services.

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The upcoming beta test will be highly restricted, focusing on ensuring the security and reliability of the payment infrastructure. Musk emphasised the importance of caution, stating, "When people's savings are involved, extreme care must be taken."

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

Strategic Partnerships and Regulatory Progress

To facilitate the X Money service, X has partnered with Visa, leveraging Visa Direct to enable real-time funding to users' X Wallets. This collaboration will allow seamless integration of debit card transactions and instant fund transfers. X Payments LLC, the entity behind X Money, has reportedly secured money transmitter licenses in 41 U.S. states. Efforts are ongoing to obtain approvals in the remaining states, including New York, to ensure a comprehensive nationwide launch.

While an exact launch date has not been announced, X Money is expected to roll out later this year. The service will initially be available in select U.S. states, with plans for broader expansion.