ELON MUSK's social media company X stated on Tuesday that it is cooperating with Visa to provide financial services for planning to expand MUSK's “all apps.”
Linda Yaccarino, the highest executive officer of X, states in mail if the new financial function called the X Money account enables piatopia payments from the user's debit card and that users can transfer funds to bank accounts. 。 She said the service would be available in the second half of this year.
“The first of many big announcements on this year's X money,” said Yakkarino.
Musk purchased a company known as Twitter in 2022, and promised to change to an app such as payment, riding service, etc., part of the X pitch part of the X pitch. 。 However, the progress of adding bank components to the app has slowed down because X needs a license from each state to remittance from each state with other regulatory authorities.
With VISA transactions, X can skip the steps and remit money to the VISA network instead of acquiring your own license.
X did not respond immediately to the comment request.
“VISA Direct will allow X -Money Account users to provide and remittance in real time with debit cards,” said VISA's spokeswoman.
Mr. Musk has experience as a financial app. He helped the online bank, which later became PayPal, started.
X creates most of the revenue from advertising. However, Tesla and the billionaire, who also operate SPACEX, has long been promoting plans to make X more independent beyond social media, like WeChat, a popular app in China.
Musk stated on a pitch deck distributed to bankers who provide funds to the acquisition of Twitter in 2022 that the social media app will have $ 15 million from the payment business by 2023. It is expected that the business will grow to about $ 1.3 billion by 2028.
According to Musk's pitch, the AD dollar, which accounts for more than 90 % of X's revenue at the time of acquisition, is replaced by a subscription business from the payment business.
However, most of these plans have not yet been realized, and platforms still depend on ads.
Mr. Musk sometimes urged advertisers to use coarse words in late 2023, including Sniding the platform expenditures for the app on the app.
Stacy Cowley has contributed to the report.
