X Money was unveiled by Elon Musk’s X on Tuesday, which was known as Twitter in the pre -microblogging platform. The new digital wallet and payment service are prescribed to make users capable of sending and receiving money to a colleague in a colleague (P2P) system. The users will be able to transfer funds from their bank account to a digital wallet, then transfer funds to another wallet on the stage. The X Money will work with the US-based payments firm visas, and the service is expected to compete with apps such as cash, venom and zele.
To use Visa Direct for X Money Instant Fund transfer
X CEO Linda Yakarino Announced The description of the new platform on Tuesday on Tuesday, stating that the support for the X money accounts will “reach the end of this year”. He said that the platform has partnered with visas, and users will be able to transfer funds to their ‘X wallet’ using visa directs immediately. These funds can be used to pay P2P on service.
The CEO stated that apart from carrying funds in digital wallets, X money will also allow users to connect their debit cards to their account and pay P2P on the platform. P2P payments are currently supported by various apps in the US, from Cashapp to Venmo (or even apple pay cache).
Users will also have the option to transfer funds (possibly from their ex -wallet) to their bank account. There is no word from the company at the same time when X money will be available for users in the US. Visa said Post The US-based X money account users will be able to transfer real time using debit cards.
A step close to a ‘everything app’
After buying Twitter and re -preparing X, Elon Musk explained his plans for the stage. The billionaire plans to make the X in the “everything app”, which is inspired by the Chinese apps such as WECHAT to make payments, shopping, messages and other functionality.
X has been working on adding support for digital payments for the last few years. In December 2023, Musk told Cathy Wood of Arc Invests that X would need a license from several American states before it could start operating as a money transmitter.
By Wednesday, A Assistant document For payment platform it is revealed that X has obtained licenses from 41 states, and that X payment LLC has also been registered as money service business (MSB) with US Financial Crime Enforcement Network (MSB)Finsen,
X Money can eventually compete with Paple, the payment services company that was created in 2000 after the merger of confinity with the Elon Musk-Ran X.Com Bank. The billionaire plans to launch a payment platform for more than two decades, and they can finally come up with X money launch this year.
