Visa (NYSE: V) has announced a strategic partnership with Elon Musk’s X to launch XMoney, a new financial ecosystem for peer-to-peer transactions and bank transfers. It comes at a time when Musk has positioned himself as co-head of the newly formed Department of Government Efficiency under the returning Trump administration.
The announcement, made via X’s CEO Linda Yaccarino, detailed key features of the XMoney Account, including instant funding via Visa Direct and the ability to connect debit cards for real-time transfers.
XMoney is already registered as a Money Service Business with FinCEN and has obtained money transmitter licenses in multiple U.S. states.
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Unlike traditional banking institutions, which require lengthy transfer processes, XMoney leverages Visa’s real-time payment capabilities to facilitate instant fund transfers. This is a direct challenge to existing financial platforms such as PayPal, Cash App, and Apple Pay, all of which have traditionally dominated the digital payments space.
The move, according to Yaccarino, is “another milestone for the Everything App”, a notion that Musk has envisioned for X.
Visa also said it is “excited to partner with XMoney”, touting that the partnership will make it possible for users to “fund and transfer money in real-time with their debit card.”
What makes this partnership particularly controversial is Musk’s new government role. As co-head of the DOGE, he now has direct influence over regulatory policies, including those that govern digital financial services.
The Wall Street Journal reported over the weekend that Musk recently informed employees that X’s “user growth is stagnant, revenue is unimpressive, and we’re barely breaking even.”
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