Elon Musk has launched X Money, a financial services platform integrated into X that enables users to access banking features, transfer money, pay bills, and make purchases without leaving the app. The service is currently available exclusively to X Premium and Premium+ subscribers.
X Money combines peer-to-peer payments, money transfers, deposit accounts, and a physical Visa debit card. Users can send wire transfers, pay bills, mail checks, set up direct deposit, and transfer money to other X users. The platform also offers early paycheck delivery - up to two days ahead of schedule for those using direct deposit.
The X Card, a physical Visa debit card, provides three percent cash back on qualifying purchases and allows fee-free cash withdrawals at ATMs worldwide. It is compatible with Apple Pay and Google Pay for contactless payments.
Premium+ members receive a six percent Annual Percentage Yield on eligible deposits automatically, while Premium subscribers can qualify for the same rate after meeting Direct Deposit eligibility requirements. Customer deposits are held through Cross River Bank, an FDIC member institution, with deposits federally insured for up to $250,000.
Musk's venture into financial services builds on his earlier experience as an entrepreneur. Before acquiring Twitter, he founded an online payments company called X during the dot-com era, which later became part of PayPal.
The launch represents part of Musk's broader vision to transform X into an "everything app" Combining social media, messaging, banking, shopping, and other services in a single platform. Musk had previously expressed confidence that financial services would arrive on X before the end of 2024, saying it would "blow his mind" If the platform failed to deliver them by then. Following a limited testing phase earlier this year, X officially rolled out X Money on Monday.
Currently available only to a portion of U.S. Users, X Money is expected to expand to broader availability in the future. The move mirrors all-in-one platforms that have succeeded overseas, including WeChat in China, which combines messaging, social networking, payments, and other services.