The social network X, owned by Elon Musk, has announced a strategic partnership with Visa to support its upcoming financial product, X Money. This collaboration will utilize Visa Direct technology for real-time transfers, laying the groundwork for the X Money wallet, as reported by TechCrunch.

This partnership aims to facilitate essential financial operations, including topping up the X Money wallet, linking debit cards for transactions, and transferring funds back to users' bank accounts.

X's CEO Linda Yaccarino announced the partnership, calling it the first of many significant announcements related to X Money this year. Currently, the company is only announcing the collaboration and has not yet launched the product.

Elon Musk has long envisioned transforming X into a financial platform. Shortly after acquiring Twitter, later renamed X, he outlined plans to integrate financial tools, such as enabling content creator support (tips) and offering high-interest rates for users who save funds on X.

Since then, X has been actively acquiring licenses for money transfers in various U.S. states through its subsidiary X Payments. To date, the company has obtained licenses in over 40 states, demonstrating its intentions to expand in the financial services sector.

It is noteworthy that in a letter to employees, Elon Musk revealed that the X platform is currently “barely breaking even.” Meanwhile, banks, including Morgan Stanley, Barclays, and Bank of America, are working to sell a portion of the $13 billion debt related to Musk's acquisition of the platform in 2022 for $44 billion.