Techonology

Elon Musk’s X Partner with Visa to provide financial services

Elon Musk’s social media company, X said on Tuesday that he was working closely with a visa to provide financial services, in a step towards Shri Musk’s plans to expand in “everything app”.

The new financial facility called X Money Account will enable the users’ debit cards to be able to pay the peer-to-peer payment and allow users to transfer funds to their bank accounts, the X CEO Linda Yacarino said in a post. The service will be available at the end of this year, he said.

“This year’s first of many big announcements about X Money,” said Ms. Yarcarino.

Shri Musk made part of his pitch for X when he was earlier known to the company as Twitter in 2022 and promised to turn it into an app for payment, riding-hinge services and more. But the progress when adding the banking component to the app has slowed down, as X requires license from each state to transfer funds along with other regulatory approval.

The visa deal will allow X to leave that step, instead of obtaining your own license, transfer funds to the network of visa.

An X spokesperson did not immediately respond to the remarks request.

Visa spokesperson said in a statement, “Visa Direct will make it possible for us to fund and transfer users to users in real-time with their debit cards.”

Mr. Musk has experience with financial apps. He helped to start an online bank which later became PayPal.

X makes most of its revenue from advertising. But the billionaire, which also runs Tesla and SpaceX, has promoted the plan to make it more independent by changing it beyond social media for a long time – a lot, such as a popular app in China, like Wechhat -like .

In a pitch deck, Mr. Musk said that the social media app would bring $ 15 million from the business business by 2023 in a pitch deck in 2022. The business was estimated to increase by about $ 1.3 billion by 2028.

Advertisement Dollar, which was more than 90 percent of the revenue of X at the time of acquisition, would be replaced by the payment business from businesses and fees, said by Mr. Musk’s pitch.

But most of those plans are yet unrealistic, and the platform still depends a lot on advertising.

Mr. Musk has several times inspired the backlash from advertisers, which included in the end of 2023, when he used a crude word to insult those who pulled back on spending on the platform due to their actions on the app.

Stacey Cowley Contribution reporting.

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