X is one step closer to finally launching its payments platform. According to X CEO Linda Yaccarino, the X Money service will debut “later this year” with Visa announced as its first partner.

NEW YORK (AP) — X is teaming up with Visa to soon offer a system for real-time payments on the social media platform — signaling some progress in a yearslong vision from billionaire owner Elon Musk to create an “everything app.”

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.

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

“In study after study, as well as our lived experiences, X has become a platform that promotes hate, antisemitism, and societal division. Under the leadership of Elon Musk, X has reduced content moderation, promoted white supremacists, and re-platformed purveyors of conspiracy theories.”

Payments giant Visa and Elon Musk's X are partnering to offer direct payment solutions to customers of the social media app, a person familiar with the matter told Reuters on Tuesday. The deal comes as the billionaire continues his efforts to transform the X platform into an "everything app",

Musk has tried several different ways to boost X’s profits, including making users pay for verification, something that had previously been given to users of notoriety and journalists. On Tuesday, the company’s CEO Linda Yaccarino announced a new deal with Visa for peer-to-peer payments on X.

Wall Street banks, finally within striking distance of offloading debt tied to X, have a sweetener on offer for potential buyers: a claim on the social-media platform’s stake in Elon Musk’s artificial intelligence venture.

Visa will be the first partner of the X Money account, under which customers can instantly fund their X wallet and connect their debit cards for peer-to-peer payments.

Memphis Grizzlies star Ja Morant has deactivated his X social media account, formerly Twitter, amid criticism of his recent play.

X has inked a partnership with Visa as the Elon Musk-owned social media platform seeks to become an “everything" app that offers peer-to-peer payments and other capabilities.