Elon Musk’s social media company, X, said Tuesday that it was teaming up with Visa to provide financial services, in a step toward Musk’s plans of expanding it into an “everything app.”

The new financial feature, called X Money Account, will enable peer-to-peer payments from users’ debit cards and allow users to transfer funds to their bank accounts, wrote X CEO Linda Yaccarino in a post. The service will be available later this year, she said.

Musk made financial services part of his pitch for X when he bought the company, formerly known as Twitter, in 2022 and promised to turn it into an app for payments, ride-hailing services and more. But progress on adding a banking component to the app has been slow, in part because X needs licenses from each state to transfer money, alongside other regulatory approvals.

The Visa deal will allow X to skip that step, transferring money on Visa’s network rather than obtaining its own licenses.

“Visa Direct will make it possible for U.S. X Money Account users to fund and transfer money in real time with their debit card,” a Visa spokesperson said in a statement.

Musk has experience with financial apps. He helped start the online bank that later became PayPal.

X makes most of its revenue from advertising. But the billionaire, who also runs Tesla and SpaceX, has long promoted plans to make X more independent from advertising by transforming it beyond social media — much like WeChat, a popular app in China.

In a pitch deck circulated in 2022 to bankers financing his acquisition of Twitter, Musk said the social media app would bring in $15 million from a payments business by 2023. That business was projected to grow to about $1.3 billion by 2028.

Ad dollars, which made up more than 90% of X’s revenue at the time of the acquisition, would be replaced by subscription businesses and fees from the payments business, Musk’s pitch said.