Elon Musk’s social media platform X has launched a digital wallet and peer-to-peer payment services provided by credit card giant Visa (V).
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Visa, the largest U.S. credit card network, becomes the first partner for what’s being called the “X Money Account.” Visa will enable users of X, formerly known as Twitter, to move money between traditional bank accounts and their digital wallet, and make peer-to-peer payments via apps such as Zelle and Venmo.
The new deal with Visa represents the first move by X into financial services. X owner Elon Musk, who purchased the social media company in 2022 for $44 billion, has long mused about expanding into financial services. Musk has also talked of turning X into an “everything app.”
Launch Details
Since acquiring Twitter, Musk has rebranded the social media site as X and taken the company private. Musk has also streamlined the company’s operations and raised prices for the premium service on the social media platform.
The new money service is expected to launch in the current first quarter of 2025, and deals with more financial partners are likely in coming months, say X executives. One of the main uses for “X Money” will be to allow creators on the site to accept payments and store funds without the need for external institutions such as banks.
The stock of Visa has risen 23% in the last 12 months.
Is V Stock a Buy?
Visa stock has a consensus Strong Buy rating among 24 Wall Street analysts. That rating is based on 20 Buy and four Hold recommendations made in the last three months. The average V price target of $354.80 implies 5.93% upside from current levels.
