Elon Musk-owned social media platform X has confirmed that its payments service, X Money, is being tested internally and an external test is expected soon.
In a post on
“And this is really intended to be the place where all the money is, the central source of all monetary transactions. So, it’s really going to be a game-changer.”
The payments initiative is part of X’s broader push to move beyond its roots as a social media platform and develop a suite of financial services.
Under former CEO Jack Dorsey, then-Twitter took a first step toward digital payments in 2021 by introducing a bitcoin tipping feature.
That feature allowed users to link crypto wallets to their profiles so they could receive payments in bitcoins.
Following Musk’s $44 billion acquisition of Twitter in 2022 and its subsequent name change to
Within that agenda, X Money is positioned as a key element.
The service is expected to prioritize peer-to-peer transfers and digital wallet capabilities, allowing users to handle routine financial tasks without leaving the X ecosystem.
X has already obtained money transmission licenses in more than 40 US states.
Musk has previously indicated that his goal is to grow X’s monthly active user base beyond 600 million, with the longer-term goal of reaching 1 billion users.
In January of last year, X partnered with Visa to support the X Money wallet, according to a post on X by CEO Linda Yaccarino. Under the agreement, Visa will act as the first partner for X Money accounts.
Yaccarino said the collaboration would enable instant loading of X Wallet using Visa Direct, support peer-to-peer transfers via linked debit cards, and give users the ability to immediately transfer funds to their bank accounts.
No formal details have been made public about whether X Money will facilitate cryptocurrency payments.
“X Money Digital Wallet Enters Internal Beta” was originally created and published by Electronic Payments International, a brand owned by GlobalData.
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