JAKARTA - Visa, the global payment giant, has entered into a partnership with X, Elon Musk's platform, to present a direct payment solution for users of the social media app. This, according to sources familiar with the deal, told Reuters on Tuesday, January 28.
This deal is Musk's latest move to turn X into a "Everything app" that offers a variety of services, including messaging, social media, and digital payments.
According to the source, Visa will be the first partner for an X Money account, where users can immediately fill out their X digital wallet balance and connect debit cards to make payments between users. In addition, users will also have the option to transfer funds instantly to their bank account from X Money.
Competition In Digital Payment Market
The digital payment ecosystem in the US has grown rapidly since 2020, driven by a pandemic that increases people's dependence on online transactions and digital payments via smartphones.
Visa and its competitors, Mastercard, have increased investment in the digital payment sector and are now competing with technology companies such as Block's PayPal, Cash App, Apple Pay, and Google Pay to get a profitable market share.
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Musk, who in April 2022 acquired Twitter for $44 billion and then changed his name to X, has long revealed his plans to turn X into a "super app" similar to WeChat in China.
This concept is often referred to as the "Swiss Army knife" in the world of mobile applications because of its ability to combine various services on one platform. Its popularity in Asia has inspired many technology companies around the world to try to replicate it.
"In 2025, X will connect you in an unprecedented way. X TV, X Money, Grok, and many more," wrote X CEO Linda Yaccarino, in an upload last month.
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