Elon Musk’s social media platform X is testing its payments service, X Money, internally, with an external trial expected soon. Musk aims for X Money to be a central hub for all financial transactions, part of the company’s move beyond social media. X has obtained money transmitter licences in over 40 US states.

X Money will focus on peer-to-peer transfers and digital wallet capabilities, allowing users to manage finances within the X ecosystem. Musk’s goal is to expand X’s user base beyond 600 million and eventually reach one billion users. X partnered with Visa to support X Money wallet, enabling instant loading, peer-to-peer transfers, and immediate fund transfers to bank accounts.

Details on whether X Money will support cryptocurrency payments have not been disclosed. The news was originally reported by Electronic Payments International.

Read more at Yahoo Finance: Digital wallet X Money enters internal beta