Digital wallet X Money enters internal beta

Core Insights - X, the social media platform owned by Elon Musk, is testing its payments service, X Money, internally, with plans for an external trial in the next month or two [1][2] - The initiative aims to transform X into a central hub for monetary transactions, moving beyond its social media roots to offer a comprehensive suite of financial services [2][3] Group 1: X Money Development - X Money is currently in closed beta testing within the company, with expectations for a limited external beta soon [1] - The service is designed to facilitate peer-to-peer transfers and digital wallet capabilities, allowing users to manage financial tasks within the X ecosystem [4] - X has secured money transmitter licenses in over 40 US states, indicating regulatory readiness for its financial services [4] Group 2: Strategic Partnerships and Features - In January 2022, X partnered with Visa to support the X Money wallet, enabling instant loading and peer-to-peer transfers via linked debit cards [5] - The collaboration with Visa aims to enhance user experience by allowing immediate fund transfers to bank accounts [5] - There are currently no formal announcements regarding the facilitation of cryptocurrency payments through X Money [6] Group 3: Long-term Vision - Musk has expressed ambitions to grow X's monthly active user base beyond 600 million, with a long-term target of reaching one billion users [4] - The overarching goal is to create a "universal app" that integrates social networking, media, AI tools, and financial services into a single platform [3]