X says its payments service will finally launch this year

Share via:


X is one step closer to finally launching its payments platform. According to X CEO Linda Yaccarino, the X Money service will debut “later this year” with Visa announced as its first partner.

In her announcement, Yaccarino says the service will support “secure + instant funding to your X Wallet via Visa Direct,” allowing users to make P2P payments and instantly transfer money to their connected bank account. (It sounds a bit like Venmo.) The X Money profile Yaccarino tagged in her announcement says the service is “launching in 2025.”

The service has been approved for money transmitter licenses in 41 US states, according to the X Payments website — however, that’s the only information currently listed on the site. As of June 2024, Bloomberg reported that X Payments is banking with Citibank and has agreements in place with payment providers like Stripe and Adyen.

Yaccarino says the Visa partnership is the “first of many big announcements” that will be made about X Money this year. It’s unclear if the service will be directly connected in some way to X’s creator revenue sharing program. Musk said that X is “barely breaking even” in an email to employees this month, and the company is currently scrambling to bring in revenue as banks reportedly prepare to sell off some of the $13 billion debt the Chief Twit borrowed to buy the platform.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

X says its payments service will finally launch this year


X is one step closer to finally launching its payments platform. According to X CEO Linda Yaccarino, the X Money service will debut “later this year” with Visa announced as its first partner.

In her announcement, Yaccarino says the service will support “secure + instant funding to your X Wallet via Visa Direct,” allowing users to make P2P payments and instantly transfer money to their connected bank account. (It sounds a bit like Venmo.) The X Money profile Yaccarino tagged in her announcement says the service is “launching in 2025.”

The service has been approved for money transmitter licenses in 41 US states, according to the X Payments website — however, that’s the only information currently listed on the site. As of June 2024, Bloomberg reported that X Payments is banking with Citibank and has agreements in place with payment providers like Stripe and Adyen.

Yaccarino says the Visa partnership is the “first of many big announcements” that will be made about X Money this year. It’s unclear if the service will be directly connected in some way to X’s creator revenue sharing program. Musk said that X is “barely breaking even” in an email to employees this month, and the company is currently scrambling to bring in revenue as banks reportedly prepare to sell off some of the $13 billion debt the Chief Twit borrowed to buy the platform.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Israeli spyware firm blocks Italy following reports of misuse

Israeli spyware maker Paragon has terminated its dealings...

Netflix’s Prince documentary has been axed by the late...

They all appear in the film and give...

NEC Unveils Solution to Modernise Mobile Network Infrastructure Construction

NEC Corporation has developed a solution that enables...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!