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Elon Musk takes on Apple Pay as X seals payments deal with Visa

MacDailyNews

Jan 28

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Visa, a leading payments company, and Elon Musk’s X have teamed up to provide direct payment solutions for users of the social media platform, according to a source who spoke to Reuters on Tuesday. This partnership aligns with Musk’s vision to evolve X into a “super-app,” expanding its offerings to include messaging, social networking, and financial services.

Manya Saini for Reuters:
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Visa will be the first partner of the X Money account, under which customers can instantly fund their X wallet and connect their debit cards for peer-to-peer payments, the source said. Customers will also get the option to instantly transfer funds to their bank account from X Money.
Traditional card networks Visa and rival Mastercard have ramped up investments in the digital payments space and are now competing with tech firms such as PayPal, Block’s Cash App, Apple Pay, and Google Pay for a slice of the lucrative market.
Musk, who in April 2022 clinched a $44 billion deal to buy Twitter and later rebranded it as X, has signaled plans to model it as a “super app”, similar to China’s WeChat.
The concept, often described as the Swiss army knife of mobile apps, is popular in Asia, and tech companies across the world have tried to replicate it.

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MacDailyNews Note: In a January blog post on the X Blog, X Business promised to “launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place.”

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