Elon Musk’s X (formerly Twitter) has announced a partnership with Visa as part of its plan to introduce a digital wallet for instant payments on the platform.

X Chief Executive Officer, Linda Yaccarino revealed in a post that Visa will be the first partner for X Money, which is set to launch alongside the X Wallet later this year.

The system will allow users to connect their digital wallet to their bank account and debit card, enabling them to transfer funds between their bank account and the wallet, as well as make peer-to-peer payments.

This move marks X’s first foray into financial services and aligns with Elon Musk’s long-term vision for the platform.

Musk has frequently expressed his goal of creating an “everything app,” where users can access social media, entertainment, online shopping, communication, and more, all within a single app.

In a post to X on the announcement, Ms Yaccarino referred to it as “another milestone for the Everything App”, adding that the X Money account would “debut later this year”.

“First of many big announcements about X Money this year,” she said.

Reports from the US suggest that X Money is set to launch in the first quarter of this year.

Initially, it will enable creators on the platform to store their earnings from posts and receive payments from subscribers, all without relying on third-party services.