Elon Musk re-enters world of financial services by introducing digital payments on X in partnership with VISA

Elon Musk’s social media platform, X, is making a bold move into financial services. On Tuesday, the company announced a partnership with Visa to launch the X Money Account, a digital wallet that will allow users to send, receive, and transfer money directly on the platform.

According to X CEO Linda Yaccarino, Visa will enable users to move funds between their bank accounts and X’s digital wallet, making transactions as seamless as using Zelle or Venmo. The service will also let users connect their debit cards for peer-to-peer payments and instantly transfer funds to their bank accounts.

Yaccarino called the deal “another milestone for the Everything App,” reinforcing Musk’s vision of turning X into a one-stop platform for social media, finance, and more. “First of many big announcements about X Money this year,” she wrote in her post.

Musk’s financial ambitions go way back

Musk’s push into digital payments isn’t new. In 1999, he co-founded X.com, one of the first federally insured online banks. The platform quickly gained traction, attracting over 200,000 customers within its first few months.

In 2000, X.com merged with Confinity, a company known for its money-transfer service, PayPal. The new entity eventually took the PayPal name and became a leader in digital payments. Two years later, eBay acquired PayPal for $1.5 billion, and Musk walked away with $176 million from the sale.

Now, more than two decades later, Musk is bringing the X.com legacy full circle, once again aiming to redefine online finance—this time, through X.

The X Money service is set to launch later this year, and the company is expected to announce more financial partners soon, according to a source familiar with the matter.

One of the first major features will allow content creators on X to accept and store payments directly on the platform—a move that could challenge traditional banks and payment services.

Musk has even hinted at banking-like features, such as high-yield money market accounts, which could make X Money more than just a digital wallet.

For now, though, the Visa deal marks the first big step toward X becoming a major player in the digital payments space—and perhaps even realising Musk’s long-standing vision of a next-generation financial platform.