The company will utilize Visa Direct, Visa's solution for real-time money transfers, to load funds into the X Money wallet, link to a debit card for transactions with other users, and transfer money back to a bank account.
X's CEO, Linda Yaccarino, announced the partnership and stated that this is the first of "many major announcements" related to X Money this year. Currently, the company is only announcing the partnership and not launching a product.
Elon Musk first spoke about the vision of transforming X into a financial platform shortly after taking over the company. At that time, he discussed using the platform for tipping creators and earning high returns on the balance held in X.