Elon Musk-owned social media platform X has confirmed that its payments service, X Money, is currently being tested internally, with an external trial anticipated soon.
In a post on X, Musk said: “We’ve actually had Money live in closed beta within the company, and we expect in the next month or two to go to a limited external beta, and then to go worldwide to all users.
“And this is really intended to be the place where all the money is, the central source of all monetary transactions. So, it’s really going to be a game changer.”
The payments initiative is part of X’s broader push to move beyond its roots as a social media platform and build out a suite of financial services.
Under former CEO Jack Dorsey, the then-Twitter took an early step into digital payments in 2021 by introducing a bitcoin tipping function.
That feature allowed users to link crypto wallets to their profiles so they could receive payments in bitcoin.
Following Musk’s $44bn acquisition of Twitter in 2022 and its subsequent rebrand to X, the company has repeatedly outlined ambitions to create a so‑called “universal app” that combines social networking, media, AI tools and financial services in a single environment.
Within that agenda, X Money is positioned as a key element.
The service is expected to prioritise peer‑to‑peer transfers and digital wallet capabilities, enabling users to handle routine financial tasks without leaving the X ecosystem.
X has already obtained money transmitter licences in more than 40 US states.
Musk has previously indicated that he aims to increase X’s monthly active user base beyond 600 million, with a longer‑term goal of reaching one billion users.
In January last year, X entered a partnership with Visa to support the X Money wallet, according to a post on X by CEO Linda Yaccarino. Under the arrangement, Visa will serve as the first partner for X Money accounts.
Yaccarino said the collaboration would enable instant loading of X Wallet using Visa Direct, support peer‑to‑peer transfers via linked debit cards and provide users with the ability to move funds immediately to their bank accounts.
No formal details have been made public on whether X Money will facilitate cryptocurrency payments.
“Digital wallet X Money enters internal beta” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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