X joins Visa to launch X Money

The first partner of X Money is other than Visa. Several months after rumours about the launch of a payment service, the social network announced the creation of a partnership with the Visa scheme, with the aim of offering P2P payments and cash transfers since the X application. A partnership that gives weight to X Money and once again illustrates Visa's appeal for innovative solutions.

FACTS

• This week X officially signed a partnership with Visa around the social network payment wallet.

• X Money account users will be able to feed their X portfolio by connecting their Visa debit cards.

• After that, users can make peer-to-peer payments, or transfer instant funds to their bank account from their X Money account.

• The partnership is based on Visa Direct, the US scheme's instant cash transfer service, which will be used for peer-to-peer payment functionality and cash transfers in particular.

• For now, this new feature should be available in the United States. More announcements will come this year regarding the evolution of X Money.

ISSUES

• One more step to the super-app: After the purchase of Twitter, Elon Musk wanted to set up a super-app with as many services as possible on the same platform. In this way, X eventually launched X Money to offer payment within the app. The partnership with Visa is a step towards the super-app. As a reminder, this type of application aims to bring together several services on the same application such as a courier, a social network, a generative d If the idea may seem interesting, we still have to see whether the Western public will be sensitive to this type of all-in-one solution.

• Traditional schemas in digital payments: This partnership between X and Visa confirms the interest of card schemes in new solutions. If the X Money service will work in part with a card, it is oriented towards usage cases usually related to instant transfer such as P2P payments. On the other hand, Visa's investments in solutions such as Tink, an important player in Open Banking, or in services such as A2A, illustrates this strategic movement launched several months ago by the payment giant.

PERSPECTIVE

• This type of super-app is a hit in Asia. The giant WeChat is one of the references in this area. The app was first a call and courier service before developing and launching WeChat Pay.

• Meta, for its part, also managed to seize this kind of opportunity by launching WhatsApp Pay in India. After restrictions imposed by the NPCI, the application finally received in early January the authorisation of regaining its commercial conquest.

Traduit automatiquement via Libretranslate / Automatically translated via Libretranslate