India, Jan. 29 -- Elon Musk's social media platform X has introduced its digital wallet and peer-to-peer payment service, 'X Money,' in collaboration with Visa.

When Musk acquired X (formerly Twitter) in 2022, he envisioned transforming it into an "everything app"-a multifunctional platform integrating messaging, social networking, peer-to-peer payments, and e-commerce.

According to CNBC, Musk has been securing regulatory approvals for over a year.

X Payments LLC is now licensed in 41 US states and registered with the Financial Crimes Enforcement Network (FinCEN), as per the company's website.

The announcement comes as X grapples with sluggish user growth and lacklustre revenue.

Acknowledging these struggles, Musk stated, "We've witn...