The social network X, owned by Elon Musk, has announced a new phase of collaboration with Visa to develop its financial product X Money. This agreement entails the use of Visa Direct technology for instant transfers, which will form the foundation for the X Money wallet, as reported by TechCrunch.

This partnership will offer key benefits, including the ability to fund the X Money wallet, link debit cards for convenient transactions, and the option to return funds to users' bank accounts.

CEO Linda Yaccarino emphasized that this is just the first of many significant announcements related to X Money this year. Currently, the company is only announcing the partnership and has not yet launched the product.

Elon Musk has long envisioned transforming X into a financial platform. Following the acquisition of Twitter, which he renamed to X, he outlined plans for integrating financial tools, including options to support content creators through tips and offers of high-interest rates for users who save funds on the platform.

X is actively obtaining licenses to conduct financial transactions in various states across the U.S. through its subsidiary, X Payments. As of now, the company holds licenses in over 40 states, indicating its intentions to expand into financial services.

It is worth mentioning that in a letter to employees, 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 off parts of the $13 billion debt related to Musk's acquisition of the platform in 2022 for $44 billion.