Ilon Musk’s social media platform announced on Tuesday that it has reached an agreement with Visa to launch a digital wallet and PEER-TO-PEER Services.

The X closed an agreement with Visa, the largest US credit card network and became the first partner to create the X Money Account, CEO Linda Yaccarino announced in a post on the platform.

Visa will allow X users to move funds between traditional bank accounts and their digital wallet and make immediate peer-to-peer payments, such as Zelle or Venmo.

It is X’s first move to create a financial ecosystem for the social networking site, called Twitter before Musk bought it in 2022.

In 2021, while Jack Dorsey was still at the wheel of X (then Twitter), the company released a Bitcoin Tippping feature that allowed users to add the addresses of their cryptographic wallet and receive payments to the world’s largest digital distinction.

But acquiring the US money supply regime required navigation in a much more complex regulatory landscape.

Musk has applied for license and according to its website, X Payments LLC is licensed in 41 states and is registered with the FINCEN Network.

The X Money service is expected to be released in the first quarter and there may be agreements with more financial partners, according to a person who knows the situation.

In November 2022, Musk told the platform advertisers at a meeting publicly broadcast on Spaces that its upcoming payment product could eventually offer some banking functions, such as a high performance money market account.