In Elon Musk’s quest to make X the West’s ‘everything app’ just like WeChat is in China, one of the main pillars is obviously some kind of way to do payments. And so, X Money will launch later this year.
The official X Money X account says it’s meant “for all your money moves”, and X CEO Linda Yaccarino has just announced that Visa is its first partner for the X Money Account.
This account will let you add money instantly and securely via Visa Direct, will connect to your debit card allowing peer-to-peer payments, and there will also be an option to instantly transfer money to your bank account.
We assume all of this is meant for the US, which is where X Money will undoubtedly launch first. But it will be interesting to see just how geographically widespread it can get and whether in doing so some functions will have to be left behind in some places – financial services regulations vary widely from one country to another.
Anyway, Yaccarino promises that the Visa partnership is just the “first of many big announcements” about X Money this year, so we’re curious to see what else they’ve been cooking over there.
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