X to Introduce In-App Payments with Visa Partnership Later This Year

X has announced plans to roll out its long-anticipated in-app payment system, “X Money,” later this year. The feature will allow users to transfer funds within the platform and withdraw money to their bank accounts, marking a significant step in Elon Musk’s vision of transforming X into an “everything app.”

CEO Linda Yaccarino confirmed the development, stating, “Another milestone for the Everything App: Visa is our first partner for the X Money Account, which will debut later this year […] First of many big announcements about X Money this year.”

The partnership with Visa is expected to enable seamless peer-to-peer payments by integrating traditional bank transfers with a digital wallet inside the app. However, X is still working to secure payment licenses in key U.S. states, including New York, where it previously withdrew its application. Musk himself has acknowledged that full approval will be “irrelevant until California and New York approve us.”

While X has obtained payment processing approval in 41 states, broader expansion may face regulatory hurdles. Musk’s political stance and the company’s rocky relationship with government bodies could complicate efforts to launch in international markets, and there may be specific payment requirements or regulations that have to be worked under in certain parts of the world.

Despite these challenges, X Money represents a crucial step toward Musk’s broader goal of turning X into a multifunctional platform akin to China’s WeChat. Musk has long envisioned an app that facilitates not only social networking but also digital payments, shopping, and banking – and if X Money is both functional and successful, then the platform inches closer to being a general-use multi-tool.