Musk once dreamed of making X the “biggest financial institution in the world,” taking the first step of launching a peer-to-peer payments competitor to PayPal’s Venmo, Block’s Cash App and bank-owned Zelle.

Even though Yaccarino announced that Visa is X Money's first digital wallet partner, we shouldn't expect an official launch for a while. It's still unclear whether this will roll out in phases or be available internationally. Neither Visa nor X immediately responded to a request for comment.

X Users Will Be Able to Transfer Funds, Pay Each Other Visa is set to become the first financial services partner for X, formerly Twitter, the companies announced Tuesday. Users will be able to transfer money from Visa debit cards or bank accounts to "X Money" accounts hosted on the platform.