Elon Musk's X Ventures into Financial Services Through Deal with Visa

X has teamed up with Visa to introduce the X Money Account service, enabling users to instantly fund their X wallets via Visa Direct and link debit cards for peer-to-peer transactions. The X Money Account will allow users to instantly transfer funds to their bank accounts, with the service expected to launch later this year, according to X CEO Linda Yaccarino. Jim Filice, VP at Visa Direct, mentioned that Visa Direct will have access to 99% of bank accounts in the U.S., bolstering the speed and convenience of transactions. In a bid to expand in the digital payments sector, X is poised to compete with established services such as Venmo and Zelle, while Musk acknowledges the company's revenue challenges.