Saturday, May 31, 2025

Latest

X Goes Fintech: Visa Partners With Elon Musk’s App To Launch XMoney

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.

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.”


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Alamos Gold Q1 Earnings: The Inside Scoop

Cerrado Gold Q4 Earnings: The Turnaround is Working

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Elon Musk Denies Alleged Affair With Google Co-Founder Sergey Brin’s Wife, Says It Was “Nothing Romantic”

The Wall Street Journal on Sunday released a paywalled report of the alleged affair that...

Monday, July 25, 2022, 02:17:00 PM

Elon Musk Bought A 9.2% Stake In Twitter, Made US$587 Million With The Price Rally

In a move that apparently no one saw coming, Tesla (Nasdaq: TSLA) CEO Elon Musk...

Monday, April 4, 2022, 10:24:00 AM

Twitter’s Technical Issues Will Likely Send Remaining Advertisers Packing

Twitter has a lot of problems and not enough people to fix them. Since Elon...

Thursday, November 24, 2022, 04:40:00 PM

Elon Musk Resumes Selling Tesla Stock, Sees Gross Proceeds Of $1.05 Billion

After taking a breather for nearly a week, it appears Elon Musk is back at...

Wednesday, November 24, 2021, 07:33:24 AM

The Hate Triangle: Elon Musk’s Twitter, FTC Chair Linda Khan, And The House Republicans

Twitter is currently embroiled in a legal battle with the Federal Trade Commission (FTC), with...

Sunday, July 16, 2023, 01:28:00 PM