Musk's X Now Involved in Visa Deal

[Nanjeanne]

https://www.cnbc.com/2025/01/28/elon-musk-x-visa-digital-wallet.html]

Elon Musk’s X said it has struck a deal with Visa, the largest U.S. credit card network, to be the first partner for what it is calling the X Money Account.
Visa will enable X users to move funds between traditional bank accounts and their digital wallet and make instant peer-to-peer payments, like with Zelle or Venmo.
It’s the first concrete move from X to create a financial ecosystem for the social media site.

If you’re a Visa cardholder you can let them know you won’t be any longer if they do business with Musk. Also call and write/email your bank(s) and tell them you will cancel your Visa card and use only MasterCard or other cards issued by other banks.

This is really serious and makes it even more insane that your financial information and Musk’s competitors information is in his hands. And makes sense why he wants the Consumer Financial Protection Bureau is demolished.

[2naSalit]

1. It's getting late...

For the removal of this shitwad, I would be okay if a strike force showed up and...

[TheBlackAdder]

56. ...and it's gone.

[JohnSJ]

2. Perhaps a better solution would be not to use twitter.

[Nanjeanne]

6. It is a deal that would allow people to use X as a peer to peer financial transaction portal

similar to Venmo that would work through Visa. So sure those of us who don’t like X wouldn’t use that platform. Not sure what solution that is except for you. But millions would. Their money would be unprotected from federal protections and Musk would get richer. It would be better to put pressure on Visa and your banks not to do a deal with him. But you certainly don’t have to do anything.

[PatSeg]

27. "And Musk would get richer"

Because apparently being the "richest man in the world" just isn't enough for this maniac. Obviously, he will never be satisfied.

[misanthrope]

38. For too many people, wealth is a carcinogen

It creates a runaway malignancy which won't stop until it destroys its host.

[PatSeg]

47. An apt analogy

It is definitely a destructive disease that not only destroys the host, but takes too many innocent people with it. A truly bizarre affliction.

[JoseBalow]

20. DU could help with a simple edit to a line of code

preventing the Nazi's website content to be embedded in posts.

[C_U_L8R]

3. X Money is what you'll get.

Even dodgier than doge.

[dalton99a]

8. +1

[Kid Berwyn]

18. They're working on that.

And then the US taxpayer will be on the hook.

[intrepidity]

39. You know, he sort of teased the Doge community

(the crypto one) that Doge would be the "coin of the Twitter realm" a few years back.

Bet they're not happy with this news, unless maybe if it accommodates doge wallets or something?

[hlthe2b]

4. Master Card looking better today with this news... Maybe American Express or Discover (does it still exist?)

[Abolishinist]

53. Funny you mention Discover.

I heard an ad for them on the radio yesterday informing the listeners that "Discover is accepted nationwide by 99% of the places that take credit cards". I've never had a problem using mine, but I usually only do so when they have a 5% back on certain purchases on items I use.

This quarter, "You're Earning 5% on Restaurants, Home Improvement Stores, and Select Streaming Services", so I use it for our bi-weekly pizza.

[StarryNite]

5. This is total bullshit!

[leftgirl]

7. no wonder wanted to get rid of CFPB - the VISA deal and TMOBILE deal

plus...Starlink and TMOBILE deal........

[Nanjeanne]

9. Exactly.

[dalton99a]

10. Stay away from any of his businesses

Far away

[Nanjeanne]

11. Yes but many people use Visa cards. They don't have to use X and Visa to transfer money but

it’s still a good way to do something by letting Visa know and by extension you issuing bank know that doing business with Musk is a nonstarter for you as a consumer.

[haele]

46. Many banks and CUs use Visa for their debit cards.

That sucks. I hate using phone "wallets". And even then, they're typically linked to a visa card.

[Nanjeanne]

48. I know. Mine does. I called them and left a message that I was disappointed and wanted to speak with someone

about the relationship.

[James48]

12. So Billionair Musk sets up his copy of the U.S. Treasury payment system

But the only way to get paid, is to be paid with “Muskmoney”- the new
x sponsored Visa Card payment card.

And Musk gets 3%.

Off every dime spent by the U.S. Treasury.

Can you hear me now?

[littlemissmartypants]

13. I've been trying to warn people...

For months that the ultimate goal is to rob the US Treasury after they build up the balance with their tariffs scheme which directly increase the Treasury, by the way.

Trump LOVES tariffs because in his words:

"They make a LOT of money."

Which he has said with a big smile on video on more than one occasion.

How often does anyone remember him smiling?

❤️

[sakabatou]

14. So how much will muskrat defraud the marks?

Uh, I mean customers.

[Nanjeanne]

16. Well....

The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage. The CFPB also issued a consumer advisory for customers holding funds in these apps and how they can make sure their funds remain safe.

So with the CFPB dismantled …. You have your answer. Right now PayPal, Venmo etc we’re protected as part of a new digital app law, but not FDIC insured. Now there’s no CFPB at all …. Guess you have your answer.

[Joinfortmill]

15. 'Buyer Beware' applies here.

[dlk]

17. Costco may want to rethink only accepting VISA credit cards

They also accept debit cards, including MasterCard, which I will be using from now on.

[Nanjeanne]

19. I know. We used to have a Costco Amex and then they went Visa. I'm going to find an email

or address to send request they change from Visa or I’ll have to stop using their card.

They only accept Visa cards or cash etc. I’m calling my bank since their debit card is also Visa.

[Bo Zarts]

21. My first thoughts too.

I've already started using my MC debit card at Costco.

[mountain grammy]

24. Yes, hoping they will do that

the only VISA I have is my Costco membership/visa card.

[Native]

22. Good luck with this! What he is creating is no different than any other wallet out there except his is of evil origins..

Visa is just the first, but institutions that now allow their account holders to use other wallets, like Google Pay, Zelle, Venmo, etc.. will follow suit. If people are stupid enough to open up an X digital wallet, then let them. Good riddance.

[Nanjeanne]

23. I prefer to at least express my disgust for Visa's participation in a deal with a Fascist maniac.

I don’t have any naive beliefs I alone can stop him. But as citizens we can try to make our voices known to corporations that are considering partnering with a Nazi.

[Native]

31. Totally agree.

[Yo_Mama_Been_Loggin]

25. Sounds like Google wallet

You can load your credit card, e-tickets to sporting events or concerts and even your bus pass to your android phone.

[turbinetree]

26. Glad my credit card company thru my credit union is Mastercard...........

love my credit union.........

[Old Okie]

28. Paypal

What about Paypal where Musk got his start in the USA and which is still run by Peter Thiel? Amanpour had reporter on who talked about the PayPal Mafia (Atlantic Mag) and their NeoNazi leanings yet this site uses PayPal.

[Native]

33. It's a freaking cesspool in the U.S. these days. Everything we touch is defiled in one way or another.

[jgmiller]

29. Visa agreeing to it is new but the rest is not

Musk has been trying to do this since his PayPal days. He's owned x.com since way back then and wanted EVERYTHING in a person's life to flow through there starting with their money.

[thesquanderer]

30. Cancelling a credit card canhave negative consequences.

Two reasons I would be careful about cancelling a credit card.

One factor in your credit score is what percentage of your available credit you're using. To keep the example simple, let's say you have two credit cards, and each has a $5000 credit, for $10k of total credit. Let's say that you have $2000 in debt between the two cards. You consolidate the debt onto one card and cancel the other., reducing your total available credit from $10k to $5k. Now, instead of using 20% of your total available credit ($2000 out of $10000), you're using 40% ($2000 out of $5000), and your credit score will likely fall.

A second factor in your credit score is how old your accounts are. If your Visa card is something you've had for many years, but your other card is something you've had for only a short while, cancelling the Visa could cause your credit score to drop.

[LeftInTX]

35. Our cards are with our savings bank which only offers Visa and American Express.

Our savings are with USAA, which handles our credit card transactions.

We have another account with a work credit union, (checking account) but that money gets transferred to savings in USAA.

[Butterflylady]

32. What, don't have much, but I'm not letting him

Steal my 💰.

[Dem4life1234]

34. He is already filthy rich, why can't he stay the fuck out of government and stick to doing business deals?

[LeftInTX]

36. We would need to change banks to change cards. Visa and Amex are the only ones offered.

We're with one of the largest federal banks in the country and have been with them for decades. We have all sorts of stuff in there. It's where we deposit investment income, it's where our retirement income is....It would require working with investment firms and the whole bit....

It would be a huge ordeal to change banks and the bank we are with has not had the scandals of Bank of America or Wells Fargo etc.

[Nanjeanne]

37. You can still express outrage to Visa as a card holder.

[intrepidity]

40. Bet he also wants to use his system for Treasury payments

That's why he wanted those databases.

[struggle4progress]

41. "We shop with money stolen from the US Treasury, using our new Visa-X card"

[allegorical oracle]

42. Read that, too. But what I read (yesterday) is that it pertains to VISA debit cards. It's a play

to become a peer-to-peer pay account business like Venmo and others.

You're entirely correct that that's what spawned his getting rid of the CFPB. Guess he wants to get back into that business, where he began his trip to billionaire-land with Paypal.

Mark my words: Musk is playing djt. (For that matter I would love to see a "Musk is playing DJT" meme get started.

[Nanjeanne]

43. Yes it says in the article - it's peer to peer. My feeling is Visa should not be doing business with Musk, a Nazi and

especially when he is involved in government "oversight" with access to all our private data as well as his competitors. It's a bedfellow I don't think my banks and Visa should be sleeping with. It's disgraceful that while he is so involved with our government and our democracy that he still is doing business "as usual". It's conflicts of interest to be sure and I prefer not being associated with companies that are in bed with him. Which is basically what I told my personal bank as well as the issuing banks of my Visa cards and also emailed to Visa.

[LeftInTX]

45. I don't do those apps for various reasons, heck I don't even own a debit or ATM card!

I have used pay pal to w/d from my credit card to send cash to a friend, but that's it. When I learn I need to submit my banking info to those apps, I'm like, "No way".

I just don't feel cash apps are secure, but I'm old fashioned.

I wrote checks wherever they would take them until we had our house remodeled in 2023. When it was being remodeled, I was overwhelmed wading through debri trying to fetch checkbooks.

We have a good cash back 5% with our grocery store. And we pay off our cards every month.

[LetMyPeopleVote]

44. Musk's attack on the CFPB came as he cut a deal with Visa to go into a payment business

Link to tweet

[kentuck]

49. My bet is that he made a deal with Visa with promise to get rid of the CFPB ...

...that Visa agreed to. They negotiated a deal to screw the American people.

[LetMyPeopleVote]

50. Musk entered the WH & immediately started slashing staff in fed. agencies investigating his own conduct

This is a clear conflict of interest

Link to tweet

[Progressive dog]

51. If you leave X

and don't click the linksto X, then X isn't getting any money from you. This is one more reason to leave Elon's MAGA propaganda place.

[Nanjeanne]

52. You are missing the point. I'm not on X. It's about using his influence to close an agency that

protects consumer peer to peer digital money transfers so that he can start a peer to peer digital money co with X and. USA doing business with him.

[Progressive dog]

54. Not missing the point

I am already opposed to X because of the way it is run and the person who runs it. I think the focus should be on X and Musk.

[Nanjeanne]

55. I like expressing my disgust with my bank and Visa for doing business with the Nazi. I can

walk and chew gum at the same time.

[Progressive dog]

57. This is what VISA is

Visa is not run by your bank, your bank has nothing to do with who else VISA allows to issue it's cards.

Visa does not issue cards, extend credit, or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network (known as VisaNet) processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion.[7]

[Nanjeanne]

58. I know how it works. Thanks. Visa is my debit card through my bank. They could have a MC debit card. So

I can express my disgust to my bank for their relationship with Visa as I can with any bank that offers a visa branded card rather than MC. I can also express disgust directly to Visa for their relationship with Musk and this new peer to peer business that will no longer have protections.

I feel better when I express my opinion and use my MC cards now. Visa is bigger than me but I and others like me might choose to do something even if it will make no difference. People can all do what they want or nothing. It’s a choice.