X Expands Payment Services Beyond Digital Scope
New information indicates that X’s plans for payment services might reach into the physical world. Survey data from app intelligence firms suggests recent updates in the X app allude to features related to physical debit cards, which users could personalize with their X usernames.
Recent code strings in the app reveal a variety of potential actions available with the new debit card. Users could, for instance, check the status of delivery, activate their card upon arrival, or lock the card if it goes missing. There are also references to managing a “Physical_card_option,” implying a physical aspect rather than just a digital one.
This development comes after CEO Linda Yaccarino’s announcement in January about a partnership with Visa, marking the launch of X Money Service. This service will enable users to fund their X Wallet accounts instantly through Visa Direct. Yaccarino mentioned that this would facilitate peer-to-peer payments linked to users’ debit cards, allowing swift transfers to bank accounts.
Yaccarino hinted at numerous significant developments regarding X Money anticipated throughout the year, suggesting that X is positioning itself to compete against established digital banks and payment services moving forward.
For over a year, X has been securing remittance licenses across the United States, recently gaining approval to process payments in twelve states. As of now, they’ve extended their reach to include registrations in forty states plus Washington, DC.
The app’s code also delves into how the new payment card might function, touching on terms like “cashback” and “deferred debits.” It seems users may independently manage virtual and physical cards, allowing for cancellations without affecting the other.
Additionally, the code points towards potential collaborations with major payment card brands, including MasterCard and American Express, which are listed among the supported options.
Elon Musk, who owns X, has long envisioned the platform—previously known as Twitter—as more than merely a social network. Back in November 2022, he outlined his ambition to transform X into an “all apps” experience encompassing various services, including payments and banking, while improving support for videos and content creators. Recent updates even hinted at the integration of a payment button into the app’s main navigation.
While specific timelines for announcing X Money remain unclear, Yaccarino has stated that details could emerge later this year. Requests for comments from X have gone unanswered.
