What happened: X announced its first financial partner to build the financial functionality of its “everything app,” which is no other than Visa (The Paypers).
My comment: Initially, X wanted to launch the ability for its users to transfer funds to other app users in 2024. However, the plan was delayed, most likely because the application for necessary licences in all US states took longer than anticipated. The company promised that these services would be launched later this year, and perhaps to cover the gap until then, it announced its partnership with Visa already.
With this partnership, X will leverage “Visa Direct”, enabling users to instantly fund their X wallet, make peer-to-peer transfers via their existing debit card and transfer funds back to their external bank account (PYMNTS).
Overall, the partnership has received much attention, for my thinking a bit too much. In all fairness, this is just unveiling an infrastructure provider for an upcoming product launch we all knew about already. But I guess the names involved make this at least a bit special.
