It looks like X is getting ready to finally launch the payment app that company executives have long promised. The company will introduce X Money later this year with Visa as a partner, CEO Linda Yaccarino announced.
According to Yaccarino, X Money will support personal payments through users’ debit cards with the ability to transfer funds to a bank account, similar to Venmo. The service will also allow users to deposit money into an “X wallet.”
Both Yaccarino and X owner Elon Musk have long promised to add financial services to X in an effort to turn the platform into an “app for everything.” In a memo last year, Yaccarino said that the company plans to support banking and payment functions for users. Musk also said he wants people to be able to manage “their entire financial world” through X.
So far, X Money seems a long way from that vision, although Iaccarino said the Visa partnership is “the first of many big announcements for X Money this year.” X has not disclosed details about how X Money will work for users or how it might make money from the service. X’s business is reportedly struggling. Musk recently told employees that “user growth has stalled, revenues are unimpressive, and we’re barely breaking even,” as reported by The Wall Street Journal.
