X is expanding into financial services. After more than a year obtaining the necessary licenses, the platform unveiled its digital wallet and peer-to-peer payment services in partnership with Visa on Tuesday. One of the initial purposes of X Money is to help creators on the site receive payments and keep their money without needing banks or other outside services—and there’s no doubt this aims to attract more young creators. But it will also let all users instantly transfer money between traditional bank accounts and digital wallets, much like Zelle and Venmo. This marks X’s first concrete move toward establishing a financial ecosystem within its social media platform. (CNBC)
📊 YPulse data: 91% of 13-39-year-olds have used a mobile / peer-to-peer payment service
