Visa Stock Moves Higher As Company Becomes First Partner Of Musk's XMoney: What's Going On?

Visa Inc V is set to become the first partner of social media platform X’s Money account as the Elon Musk-owned company makes a push into payments. Visa shares were trading slightly higher at last check.

What To Know: X CEO Linda Yaccarino announced Tuesday that Visa is the company’s first partner for the @XMoney account, which is set to go live later this year.

Yaccarino said the @XMoney account will allow for secure and instant funding of user’s X wallets through Visa Direct. The account will be able to be connected to debit cards, allowing for peer-to-peer payments. The @XMoney account will also offer the option to instantly transfer funds to user’s bank accounts.

“First of many big announcements about X Money this year,” Yaccarino said.

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Visa Direct enables real-time money movement to debit cards. Visa Direct reaches 99% of bank accounts in the U.S., and over 11 billion endpoints including cards, accounts and digital wallets around the world.

Visa announced in December that funds transferred to U.S. bank accounts through Visa Direct will be available within one minute or less starting in April 2025.

“This change underscores Visa's commitment to accelerating real-time payments. At Visa, we are constantly striving to innovate and provide the best possible money movement experiences, and this update will significantly enhance the speed and convenience, while maintaining strong security standards,” said Jim Filice, VP, Head of Real-time Payments at Visa Direct.

Visa is due to report first-quarter financial results after the market close on Thursday. Analysts expect the company to report earnings of $2.66 per share and revenue of $9.34 billion, according to estimates from Benzinga Pro. It’s possible that investors will get more information on the company’s partnership with X on the call.

V Price Action: Visa shares were up 0.50% at $336.22 at the time of publication Tuesday, according to Benzinga Pro.

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