X Partners with Visa for Real-Time Payments: A Milestone in Creating an 'Everything App'

X is collaborating with Visa to launch a real-time payment system on its platform, marking a step towards Elon Musk's vision of an 'everything app'. This initiative, called X Money Account, will feature digital wallets and peer-to-peer payments, becoming available in the US later this year.

X has announced a partnership with Visa to create a real-time payment system on its platform, marking a significant stride toward its goal of becoming an 'everything app'. These new financial services, under the banner of 'X Money Account', will include a digital wallet and peer-to-peer payments linked to users' debit cards. The launch is anticipated by the end of the year, initially available in the United States.

Visa will be the first partner for this service, using Visa Direct for instant money transfers. Further expansion and additional partners for X Money is yet to be confirmed. This collaboration is part of a long-standing vision from X's owner, Elon Musk, who has been intrigued by the concept of a 'super app' since the late 1990s, as reflected in his previous ventures and attempts to diversify PayPal.

X's ambition faces a competitive landscape with other tech giants like Meta integrating similar multifaceted offerings. X might also encounter regulatory scrutiny, as seen with Apple's ongoing antitrust case concerning attempts to restrict super apps. The success of X Money will be closely watched by industry players and consumers alike as X continues its transformation under Musk's leadership.

(With inputs from agencies.)