X, formerly Twitter, is set to launch its payments app, X Money, later this year, featuring person-to-person payments and bank transfers.
X, formerly known as Twitter, is finally getting ready to launch its payments app , X Money , later this year. The app, which will allow users to send person-to-person payments using debit cards and transfer funds directly to a bank account, will be a direct competitor to services like Venmo. X CEO Linda Yaccarino announced the partnership with Visa , stating that this is the 'first of many big announcements about X Money this year.
' This move comes after Elon Musk, X's owner, repeatedly expressed his desire to transform X into an 'everything app' that encompasses various financial services. Musk previously envisioned X Money as encompassing a user's entire financial life, including investments and securities, eliminating the need for traditional bank accounts. However, the initial launch of X Money seems to be a more modest step, focusing primarily on peer-to-peer payments and bank transfers.Although details about the app's functionality and X's profit model remain undisclosed, it is known that X Money will be initially available only in the United States. To gain traction in the competitive payments market, X Money will need to differentiate itself from existing players like Apple Wallet, Google Wallet, and Samsung Wallet. The success of X Money will likely depend on its ability to offer a compelling user experience, competitive features, and a robust security framework.
X Money Payments App Visa Elon Musk Linda Yaccarino Financial Services Everything App
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