Visa Stock Gains After Partnering With Musk’s X For Financial Services: Retail Cheers The Deal

Visa Inc. (V) shares garnered retail attention on Tuesday after the company signed an agreement with Elon Musk’s X to be the first partner of X Money Account.

In a post, X CEO Linda Yaccarino said that X Money is expected to be launched later this year. 
Yaccarino added that this would allow users to send funds to their X Wallet using Visa Direct.

The X CEO also highlighted that it provides an option to instantly transfer funds to a user’s bank account and permits peer-to-peer payments.

When Elon Musk completed his $44 billion purchase of X, earlier known as Twitter, he had said that the app would be an “everything app.”

Several American companies have been trying to emulate the success of so-called super apps, such as China’s WeChat, which provide a bundle of services inside one app, including messaging and payments.

The X Payments LLC is licensed to transmit money in 41 states and is registered with the Financial Crimes Enforcement Network.

CNBC reported, citing a source, that X Money is expected to be launched in the first quarter, and deals with more financial partners are likely.

Visa’s shares gained 0.9% in the afternoon trade.

Retail sentiment on Stocktwits flipped to ‘bullish’ (55/100) territory from ‘bearish’(43/100) a day ago, while retail chatter soared to ‘extremely high.’

Users expressed their optimism over the deal on Stocktwits.

Visa is scheduled to report its fiscal first-quarter earnings on Jan. 30, after the bell.

Over the past year, the stock has gained 23.3%.

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