Social network X is making its first foray into the financial services sector with the announcement of a new digital wallet, X Wallet, designed to facilitate fast cross-border payments. This move is part of a broader vision by X’s owner, Elon Musk, to create an “app for everything” that seamlessly integrates social media, entertainment, shopping, and communication services.
In a partnership with Visa, which will serve as the first collaborator for the X Money feature, X plans to roll out the digital wallet later this year. The platform will allow users to link their digital wallets to their bank accounts and debit cards, enabling easy transfers between their bank accounts and facilitating peer-to-peer (P2P) payments.
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“This is another step towards an app for ‘everything.’ X Money will launch later this year,” said X CEO Linda Iaccarino.
The wallet will initially be available in the first quarter of 2025, with the feature targeting creators on the platform. It will enable them to store publishing funds and receive payments from subscribers, bypassing the need for third-party intermediaries.
As X diversifies into finance, this marks a significant step towards its goal of transforming into a comprehensive platform offering a wide range of services to its users.
