Elon Musk's X will launch its first digital wallet this year

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Elon Musk owned social media platform, X (formerly Twitter) will soon introduce financial services on its app. X has recently announced its partnership with Visa, signalling its first digital wallet. The company will use Visa Direct, Visa's real-time money transfer solution, to fund X Money’s wallet, link to a debit card for payments to other users, and enable seamless transfers back to your bank account.

In a post, X CEO Linda Yaccarino stated that X Money is scheduled to launch later this year. This X-Visa partnership will allow secure and instant funding to users’ X Wallet via Visa Direct, she added. It will also connect debit cards, allowing person-to-person payments.

X Money will also give users an option to instantly transfer funds to your bank account. Yaccarino claims that this is the "first of many big announcements about X Money this year”.