Elon Musk’s X Partners With Visa on Payment Service To Create ‘Everything App’

Elon Musk's latest: Digital wallet 'X Money' unveiled in pact with Visa

In a significant step toward Elon Musk’s vision of creating a super app, X (formerly Twitter) has announced a groundbreaking partnership with Visa to offer real-time payments, making strides toward its goal of becoming the world’s go-to ‘everything app.’ The collaboration introduces X Money Account, which will enable users to access an in-platform digital wallet and transfer funds seamlessly.

The deal marks Visa as the first major partner for X’s new financial services initiative, set to launch later this year. According to X CEO Linda Yaccarino, the integration will allow users to link their debit cards to their X Money accounts, making peer-to-peer payments easier than ever. With Visa Direct powering the service, users will enjoy instant money transfers directly on the platform. Funds can also be transferred to a linked bank account, providing a versatile payment experience for US-based users.

Though the timeline remains unclear, the launch of this new service will be limited to users in the United States for now, with potential expansion to other countries and payment partners still uncertain. However, Yaccarino is optimistic about the broader impact of X Money, calling the partnership with Visa “a milestone for the Everything App” and hinting at more major announcements in the coming months.

A Step Towards Elon Musk’s Vision of an ‘Everything App’

Elon Musk’s ambition to create an ‘everything app’ dates back long before his acquisition of Twitter in 2022. Back in the late 1990s, Musk founded X.com, which would eventually become part of PayPal, offering users an online payment platform. His push to diversify PayPal’s offerings was stymied by company executives at the time, but the $1.5 billion windfall from PayPal’s 2002 sale allowed Musk to fuel the rise of his other ventures, SpaceX and Tesla.

Fast forward to today, and the landscape for super apps has grown significantly more competitive. Platforms like Facebook’s parent company Meta have already integrated shopping, games, and even dating features into their offerings. The idea of an all-in-one app, where users can chat, shop, play, and make payments, is becoming increasingly popular.

Despite fierce competition, Elon Musk’s vision remains unwavering. He has expressed admiration for China’s WeChat, which combines a variety of services under one roof. Musk’s version of this concept aims to revolutionize how we interact with technology, combining social media, messaging, payments, and more, all in one app.

Challenges Ahead for Elon Musk: User Trust and Market Competition

Despite the potential for significant innovation, X’s path to becoming the next ‘everything app’ is not without challenges. Since Elon Musk’s acquisition of the platform, there have been concerns over rising hate speech, misinformation, and a shift away from the platform’s previous tone. These concerns have led to alienation among some users and advertisers, making it unclear whether X can truly replace the myriad of platforms people use for communication, payments, entertainment, and socializing.

Furthermore, the growing ambition of X could attract the attention of regulators, particularly with the rise of other tech giants who are looking to control the super app space. Apple, for example, has been the subject of an antitrust lawsuit claiming it is using its market dominance to prevent super apps from flourishing on its platform. While Apple has denied these allegations, the potential legal battles may shape the future of how super apps evolve in the tech landscape.

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