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News: X To Become The Everything App? - Credit-Land.com

It looks like Elon Musk's intention to make X (formerly Twitter) an "Everything App" is getting closer to become a reality. Recently, X announced the launch of a digital wallet and peer-to-peer payment services in partnership with Visa.

Visa became the first partner for the X Money account. Visa will enable X users to transfer funds between bank accounts and their digital wallet and make instant peer-to-peer payments. This partnership is also the first concrete move from X to create a financial ecosystem, an "Everything App", a platform that would enable users to conduct their entire financial world.

The X Money service is expected to be rolled out in the first quarter and one of its primary applications will be to empower creators on the platform to accept payments and store funds without relying on external financial institutions. The X Money platform is expected to become a rival to Venmo.

The X Money account will utilize Visa Direct to enable secure and instant funding of an X wallet with a user's debit card. Users will also have the option to instantly transfer funds back into their bank account via the same debit card.

Here are the expected features of the Everything App at the debut:

  • Secure + instant funding to a user's X Wallet via Visa Direct
  • P2P payments with connected debit card
  • Instant fund transfers to a user's bank account

The bits of information about the new X Money service are scarce. It's unclear whether the app would offer specific banking services, such as a savings account, or it will simply be a payments product.

tags : Money Management Visa Payment Technologies

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