tl;dr
Tesla CEO Elon Musk confirmed that the X platform will soon launch a payments service in a limited access beta. The service, called X Money, will allow users to connect debit cards and make peer-to-peer payments in partnership with Visa. Musk emphasized the need for extreme caution when handling use...
Elon Musk has announced that X will soon launch a limited access beta of its new payments service, X Money. This service, developed in partnership with Visa, will enable users to connect their debit cards for peer-to-peer payments, moving X closer to becoming a multi-purpose "everything app." Musk highlighted the necessity of exercising extreme care when handling users' savings during this initial rollout.
Despite Musk's well-known support for Dogecoin, the X Money launch does not currently include any cryptocurrency integration. The January announcement by X CEO Linda Yaccarino, along with Musk’s recent statements, made no mention of crypto features. Musk has clarified that while he appreciates Dogecoin for its humor and meme culture, he is not actively involved in the cryptocurrency space.
The service aims to function as a digital wallet, leveraging Visa's network to allow users to fund their X Money wallets directly from bank accounts and use them similarly to other peer-to-peer payment platforms like Venmo. This move aligns with Musk’s vision of transforming X from its origins as Twitter into an all-encompassing platform for communication, payments, and more.
Musk’s announcement came in response to a comment about the upcoming launch, reinforcing that the beta phase will be initially restricted, underscoring the importance of safeguarding user funds. Since acquiring Twitter in 2022, Musk’s ventures have stoked speculation about crypto integration; however, this inaugural step with X Money remains focused on traditional payment methods.