It looks like Elon Musk's X wants to get in the ring with Venmo and Zelle. The social media platform says it's partnering with Visa, one of the largest credit card processors in the US, to create X Money,

Elon Musk-owned social network X announced a partnership with Visa to handle person-to-person payments for its upcoming X Money product. The company will

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.

Elon Musk struck a deal with Visa Inc., naming the payments company the first major partner on his mission to turn X into an “everything app.”

The social media company said it would start a peer-to-peer payments service, moving to expand the app’s abilities.

Visa is the first partner for the platform's “X Money Account" service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted,

The social media platform X announced on Tuesday it was stepping into the financial ecosystem with the help of Visa by launching its own digital wallet.

The X Money service is expected to launch in the first quarter, with Visa being the first partner for X Money accounts.

X Chief Executive Linda Yaccarino said in a tweet that the new service, set to debut later this year, will allow for secure and instant funding to X Wallets via Visa Direct, will connect to existing debit cards of P2P payments and will have the option to instantly transfer funds to your bank account.