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

Elon Musk’s social media platform, X, announced on Jan. 28 that it’s teaming up with Visa to launch a digital wallet and peer-to-peer payments service. The deal makes ‘X Money’ the first product of its kind on the platform.

X-Money uses Visa Direct to transfer money between users and also allows money transfers to your bank account. Payment functions will be added later this year.