X has been working on its payment service for some time now and a new report has revealed that it also plans to include a physical debit card.
What Happened: The app’s recent updates reveal code strings indicating features like card activation, shipping status checks, and more, according to a report by TechCrunch on Friday.
The new debit card, customizable with users’ X usernames, is part of X’s broader strategy to compete with digital banks and payment services. The news follows Linda Yaccarino, X’s CEO, announcing a partnership with Visa for the X Money service, which will enable instant funding of X Wallet accounts via Visa Direct.
Yaccarino mentioned that this is the first of many announcements for X Money this year. The company has been securing money transmitter licenses across the U.S., now covering 40 states and Washington, D.C. The app’s code also hints at potential cashback and deferred debit features, and mentions support for MasterCard and Amex.
Also Read: Elon Musk’s X Plans To Launch In-App Stock Trading To Challenge Robinhood, SoFi — CEO Says You’ll ‘Whole Financial Life’ Could Be On The Platform
Why It Matters: Elon Musk, owner of X, has long aimed to transform the app into an “everything app,” incorporating payments and banking. This aligns with his earlier ventures, including co-founding X.com, which evolved into PayPal . X plans to announce X Money later this year.
The introduction of a physical debit card is part of Elon Musk’s vision for X as an all-encompassing financial platform. Earlier this year, it was revealed that X Money could potentially reach around 600 million active monthly users through its integration with Visa Direct, enhancing the platform’s capability for instant fund transfers.
Additionally, the move aligns with X’s broader strategy to offer a comprehensive suite of financial services, including in-app stock trading, which aims to challenge existing platforms like Robinhood Markets and SoFi Technologies. This initiative underscores X’s ambition to integrate users’ entire financial lives into its ecosystem.
Furthermore, Musk’s push for a crypto-powered “everything app” is reflected in the X Money service, which may include cryptocurrency features. This aligns with Musk’s longstanding interest in digital currencies and his previous ventures in the fintech space.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
