Elon Musk's bid to make X into the “everything app” may have gotten a bit of a boost — where the newly-announced pact with Visa is a significant “something” on the way to “everything.
Visa (V) is set to partner with social media platform X as the first financial services platform for its "X Money" feature, which will launch sometime this year.
Elon Musk's X.com has signed up Visa as the first partner for its XMoney account that is planned to be launched this year. As part of Musk's long-held plans for X to become an "everything app", X chief executive officer Linda Yaccarino announced the agreement in a tweet.
Social media platform X announced Tuesday (Jan. 28) that Visa is its first partner for the X Money Account that will debut later this year.
CNBC's Hugh Son reports on news regarding X and Visa.
Payments giant Visa and Elon Musk's X are partnering to offer direct payment solutions to customers of the social media app, a person familiar with the matter told Reuters on Tuesday.
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Visa Inc.'s robust network and diverse revenue streams ensure continued growth in consumer payments, new flows, and value-added services. Visa's strong economic moat, including technology, security, and brand recognition, makes it difficult for competitors to match. Disciplined resource investment and strategic choices are expected to maintain Visa's high-profit margins.
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V's fiscal first-quarter earnings are likely to have benefited from growth in processed transactions and payment volumes.
Visa (V 1.44%) is often considered a stable long-term investment. It owns one of the world's largest card payment processing networks, it has consistently grown through economic downturns, and its stock has risen more than 400% over the past 10 years.