02:46 PM EST, 01/28/2025 (MT Newswires) -- Visa (V) and Elon Musk's X announced a partnership on Tuesday to facilitate peer-to-peer payments for users of the social media platform.

The service will enable X users to connect their debit cards to the X Wallet via Visa Direct and make peer-to-peer payments, X Chief Executive Linda Yaccarino said in a post on the platform formerly known as Twitter. This type of service is similar to Zelle or PayPal's (PYPL) Venmo.

The service is expected to launch later this year, Yaccarino said, adding that Visa is the company's "first partner" for what its calling the X Money Account.

"Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card," payments giant Visa said in an X post. Visa's shares traded narrowly in the green intraday.

The Visa partnership is the "first of many big announcements about X Money this year," she wrote.

X Payments is licensed to transmit money in certain US jurisdictions, according to a post on the company's website, which currently lists 40 applicable states plus Washington D.C. The company is registered with the Financial Crimes Enforcement Network as a money service business.

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