Visa And X Join Forces To Enhance Digital Payments
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Social media application X has announced that it has made a deal with Visa before launching a digital wallet and payment service later this year.
In a post on the site, X Chief Executive Officer Linda Yaccarino noted that Visa is the first associate for the @XMoney account.
She says the account will let people add money to their X Wallet quickly using Visa Direct, let users connect their debit cards to send money to others, and let them move money to their bank accounts right away.
Musk Aims To Fix X’s Financial Struggles After Buying It For $44 Billion
Visa has agreed to the partnership, pointing out that Visa Direct will let US X Money Account users add and move money instantly with their debit card.
X owner Elon Musk said he always wanted to change X into an everything app where people can do all their financial activities.
The company has been working to get licenses to send money across the US as it plans to offer financial services, with Yaccarino saying there will be several important announcements about X Money in 2025.
This new plan comes as Musk tries to fix the money problems of his $44 billion purchase. As reported by the Wall Street Journal, in a recent email to employees, Musk explained that growth on the platform is not moving, revenue is not great, and the team is barely getting by.
Visa recently partnered with fintech company DealMe to allow Vietnamese shoppers in South Korea use card payments with instalments.
People with Visa credit cards from Vietnam will soon be able to use real-time payment plans at popular stores in South Korea. Visa stated that 75% of people from Vietnam plan to travel for fun next year, and South Korea is the top place to visit, with 18% of them planning to go there.
Visa Also Invested In Nigerian Fintech Moniepoint, But Details Were Not Shared
When shopping at participating stores like department stores and duty-free shops, Vietnamese shoppers will have their cards reviewed to see if they can use the cross-border payment service, according to the firm.
DealMe says it is testing the service in South Korea but hope to offer it in more places, including Australia, Japan, the United States, and Singapore.
Kim Tae Hong, Senior Vice President at DealMe, noted that the firm is excited to work with Visa to offer card payments with instalments for cross-border shopping. This gives shoppers another way to pay when traveling.
Visa has also invested in Nigerian fintech company Moniepoint. The terms of the deal were not shared. Moniepoint was founded in 2015 and initially provided technology for banks and financial companies.
It has moved up to become Nigeria’s top service for business banking and is now the largest provider of payment services in the country, handling most of Nigeria’s Point of Sale transactions. In 2023, it started offering services to individual customers through its Moniepoint Microfinance Bank.
