X’s payments app will be available later this year

It seems that X is getting ready to finally roll out the payments app the company’s leaders have long been promising The company will introduce X Money later this year with Visa as partner, CEO Linda Yaccarino announced.

According to Yaccarino, X Money will support person-to-person payments via users’ debit cards with the ability to transfer funds to a bank account, much like Venmo. The service will also allow you to deposit money into an “X Wallet.”

Bothe Yaccarino and X owner Elon Musk have long promised to bring financial services to X as they attempt to turn the platform into an “everything app.” In a memo last year, Yaccarino said the company planned to support banking and payments features for users. Musk has also said he wants people to be able to run their “entire financial world” via X.

So far, X Money sounds like it’s a long way off from that vision, though Yaccarino said the Visa partnership is the “first of many big announcements about X Money this year.” X hasn’t disclosed specifics about how X Money will work for users or how it might make money off the service. X’s business is reportedly struggling. Musk recently told employees that “our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even,” in a memo reported by The Wall Street Journal.

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