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X Reveals New Partnership With Visa for Digital Payments. What We Know

The payment method could debut later this year.

Headshot of Dashia Milden
Headshot of Dashia Milden
Dashia Milden Editor
Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and news at the intersection of tech, personal finance and consumer sentiment. Dashia investigates economic shifts and everyday challenges to help readers make well-informed decisions, and she covers a range of topics, including technology, security, energy and money. Dashia graduated from the University of South Carolina with a bachelor's degree in journalism. She loves baking, teaching spinning and spending time with her family.
Dashia Milden
2 min read
the logo of the social media network X on a black smartphone on a pink and purple gradient background

The social media network formerly known as Twitter changed its name to X in July 2023.

 CNET

It looks like Elon Musk's X wants to get in the ring with Venmo and Zelle. The social media platform says it's partnering with Visa, one of the largest credit card processors in the US, to create X Money, a peer-to-peer payment platform.

X's CEO, Linda Yaccarino, announced the digital payments tool on X's platform on Wednesday, highlighting a few features that are expected to debut later this year. 

Yaccarino said you'll be able to connect your debit cards for peer-to-peer payments, instantly transfer money to your bank account and access your X Wallet via Visa Direct. Visa reposted the announcement, confirming that X Money users will be able to fund and transfer money using their debit card with Visa Direct. 

When Musk acquired X (then known as Twitter) in 2022, he said that he planned to turn it into an "everything app" to offer multiple services. 

Here's what the news could mean for you. 

Will you need an X account to use X Money?

Chances are you'll need an X account to use X Money, similar to needing an Apple account to access Apple Pay or Apple Cash. 

The push for X account membership to access X Money could also be part of the effort to attract more users to the platform. 

The platform has lost millions of users since the tech billionaire bought the social media platform, and more recently, since Musk aligned with President Donald Trump. Former Twitter users have turned to other social media platforms like Meta's Threads and Bluesky, which has gained 27 million users since the November election. 

Read more: How to Delete Your X (Twitter) Account

What's the benefit of using X Money? 

We'll have to see what features are available when X Money is available. X Money could make it more convenient for creators on the platform to receive payments directly from the app. 

However, other details are still unclear, including how secure your banking data is or any fees for transferring money to your bank account. Some peer-to-peer apps also charge other fees, such as instant transfer and withdrawal fees. 

Will you be able to transfer crypto using X Money? 

Musk has been a proponent of Dogecoin, but there's been no mention of crypto being available on X Money at this time.

Crypto transactions could be separate from X Money and Visa transactions, but there's still a chance, depending on X's plans. 

When will X Money be available?

Even though Yaccarino announced that Visa is X Money's first digital wallet partner, we shouldn't expect an official launch for a while. It's still unclear whether this will roll out in phases or be available internationally.

Neither Visa nor X immediately responded to a request for comment.

More P2P payment news

About the Author

Headshot of Dashia Milden
Editor
Editor

Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and news at the intersection of tech, personal finance and consumer sentiment. Dashia investigates economic shifts and everyday challenges to help readers make well-informed decisions, and she covers a range of topics, including technology, security, energy and money. Dashia graduated from the University of South Carolina with a bachelor's degree in journalism. She loves baking, teaching spinning and spending time with her family.