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Executive Summary:
X, formerly Twitter, is moving forward with its digital payment system, X Money, set to launch later in 2025. Despite missing Elon Musk’s original 2024 target, the company has secured Visa as its first payment partner, enabling peer-to-peer transactions and fund transfers between bank accounts and a digital wallet within the app.
The rollout of X Money is a crucial step toward Musk’s vision of transforming X into an “everything app,” akin to WeChat, where users can send money, shop, and manage finances all within the platform. However, regulatory challenges remain, as X has yet to secure full payment transmitter licenses in key states like New York and California, which could delay broader implementation.
While Visa’s involvement may ease approval processes, skepticism remains about X’s ability to gain widespread adoption. Similar efforts by Meta (via Messenger and WhatsApp) have struggled to take off in Western markets due to regulatory hurdles and consumer hesitation. Additionally, Musk’s political positioning may complicate regulatory approvals in various regions.
Despite these challenges, X Money marks a significant step in Musk’s long-term strategy to reshape digital payments. Whether it succeeds depends on regulatory approvals, user adoption, and the platform’s ability to build trust in a space already dominated by established fintech players.
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