X is collaborating with Visa to introduce a real-time payment system on its platform, marking significant progress toward Elon Musk’s goal of transforming X (formerly Twitter) into an “everything app.” This collaboration aligns with Musk’s long-held vision of creating a multifunctional app, similar to China’s WeChat, which integrates various services such as messaging, video chats, streaming, and payments.
According to X CEO Linda Yaccarino, Visa will be the first partner for X’s Money Account, a service slated to launch later this year. This service will allow users to make peer-to-peer payments and manage funds through a digital wallet integrated with users’ debit cards, with an option to transfer money to their bank accounts. This will be powered by Visa Direct, Visa’s instant money transfer service, and will initially be available to X Money Account users in the U.S. The exact launch date has not yet been announced, and it is unclear whether this feature will expand to other countries or involve additional payment partners.
In her announcement, Yaccarino described the partnership with Visa as a “milestone for the Everything App,” highlighting that this is just the first of many big developments expected for X Money in the coming year. This is part of Musk’s broader vision to evolve X into an all-encompassing platform, capable of handling everything from social media interactions to financial transactions.
Musk’s ambition to create an “everything app” dates back to the late 1990s, when he founded X.com, which later merged to form PayPal. Although his vision for expanding PayPal’s offerings was rebuffed at the time, the sale of PayPal to eBay in 2002 for $1.5 billion gave Musk the financial means to pursue ventures like SpaceX and Tesla. The current landscape, however, is much more competitive, with other tech giants, such as Meta (the parent company of Facebook), introducing their own broad features, including shopping, games, and even dating.
The challenge for X lies in distinguishing itself in an environment where consumers have numerous platforms for communication, payments, and entertainment. Since Musk’s 2022 acquisition of Twitter, the platform has faced significant challenges, including the alienation of users and advertisers due to concerns about hate speech and misinformation. This has led many to question how successful X’s shift towards an all-encompassing app will be.
Furthermore, X’s efforts could invite scrutiny from other tech giants. For example, Apple has been accused of using its market power to suppress the development of super apps like the one Musk envisions. According to an antitrust lawsuit filed by the U.S. Justice Department last year, Apple allegedly sought to block such apps, fearing they would compete with Apple’s own services, including payment processing. Apple has denied these accusations and is currently working to have the case dismissed.
The idea of a super app remains highly contentious, and regulators and competitors are closely watching how X moves forward. If successful, X’s Money Account and its broader push for an everything app could reshape the landscape of social media and digital payments, potentially altering how consumers interact with technology on a daily basis. However, the competition and regulatory hurdles will play a significant role in determining whether Musk’s vision becomes a reality.
