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Elon Musk has a new business partner: Visa.
What’s happening:
- X has announced a new partnership with Visa (NYSE: V) to integrate payment capabilities for users of the highly popular social media platform
The big idea:
- X’s new real time payment system will be known as an X Money Account and will enable users to have a digital wallet and make peer-to-peer payments within the X platform
- Visa will leverage their Visa Direct instant money transfer technology to power transactions entirely within the X platform
Why it matters:
- Elon Musk has been rapidly reshaping the brand and culture of X since first taking the company private, which has been both highly controversial and led to a flurry of innovative new features being built within the social media platform
Going deeper:
- X Money Accounts will initially only be available to users located within the United States of America
- Elon Musk has also been raising capital at a rapid pace for his artificial intelligence company xAI, which has become more and more integrated into the X platform
