Elon Musk’s social media platform X has announced the launch of a digital wallet and peer-to-peer payment services in partnership with Visa. CEO Linda Yaccarino shared the update in a post on the platform.

Visa, the largest US credit card network, will allow X users to transfer funds between traditional bank accounts and their digital wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term. Users will also be able to make instant payments, similar to services like Zelle or Venmo, CNBC reported.

X Introduces Peer-to-Peer Payments with Visa

This marks X’s first step toward creating a financial ecosystem for the platform, which Musk acquired for $44 billion in 2022. He previously described his vision for the platform as an “everything app” where users could manage their “entire financial world.”