ELON Musk’s Social Company said on Tuesday that it is cooperating with Visa to provide financial services, in a move towards Mr. Musk’s plans to expand it to “apply everything”.
Linda Yakarino, CEO of X, said in a post that the new financial advantage, called X Money Account, will enable peer payments from peers from discount cards from users and allow users to transfer money to their bank accounts. She said that the service will be available later this year.
“Firstly, many big ads about X Money this year,” added Ms. Yakino.
Mr. Musk provided financial services as part of its X stadium when it is He bought the company Previously known as Twitter in 2022 and promised to convert it into an application for payments, horseback services and more. But the progress in adding a banking component to the application was slow, partially because X needs licenses from each state to transfer money, along with other organizational approvals.
The VISA Seal deal will allow this step to exceed and transfer money on the Visa network instead of obtaining its own licenses.
X spokesperson did not immediately respond to the comment.
“Visa Direct will give us X Money account users to finance and transfer money in an actual time using their discount card,” a Visa spokesman said in a statement.
Mr. Musk has experience with financial applications. Help the start of the Internet, which later became PayPal.
X makes most of its revenues from the advertisement. But the billionaire, which also runs Tesla and Spacex, has long promoted plans to make X more independent than advertising by converting it beyond social media – such as WeChat, a famous application in China.
On the surface of the stadium, it was distributed in 2022 to bankers who finance it on Twitter, Mr. Musk said The social media application will bring 15 million dollars From the payments company by 2023. This work was expected to grow to about $ 1.3 billion by 2028.
Mr. Musk said that the dollars of advertisements, which constituted more than 90 percent of X’s revenues at the time of acquisition, will be replaced by subscription and fees from payments.
But most of these plans are not achieved, and the platform still depends heavily on the advertisement.
Mr. Musk prompted a violent reaction from advertisers at times, including in late 2023 when he is Use the word raw to insult them Those who retreated from spending on the platform because of his actions on the application.
Stacy Cowl The reports contributed.
