Digitization has taken over, urging users to reiterate their ways and adopt modern means to function and grow. The expanding online payments system is one such arena.
Across international borders, compliance and regulations have always skewed payments, resulting in negative experiences. But, the latest trends in B2B cross-border payments promise to be different.
Elon Musk’s newest innovation is another such hope.
X has partnered with the card network mammoth – Visa – to introduce an ‘everything app.’ To launch an app along these lines has been Musk’s vision since he overtook Twitter (now known as ‘X’).
This digital payments tool is a wallet that leverages Visa Direct’s cross-border payments rail. Adding to the X’s network, Musk is determined to develop this payment tool and label it – “X Money.” Acknowledging this alliance, Visa took to X to expand on this partnership. Visa Direct will serve as an extension and help US-based X Money users to use their debit cards and transfer money in real time.
In line with this innovation, X had already built a concise foundation on Twitter Payments. While this was previously accessible only across four states, X snagged money transfer licenses there. And today, according to the Nationwide Multistate Licensing System (NMLS), X currently owns 40 state licenses. In its toddler stage, its capabilities are still questionable. X money still requires funding and resources to fulfill Musk’s vision. But it’s still a step ahead – a stepping stone in revolutionizing the digital payments landscape, from cross-border to peer-to-peer payments.