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NEW YORK, July 30: Elon Musk’s social media platform X has officially launched X Money, a long-awaited digital banking and financial services platform that marks another major step toward transforming the platform into an “everything app.” Initially available to Premium and Premium+ subscribers in the United States, the new service combines social networking with a range of banking features, allowing users to send money, receive salaries, pay bills and manage everyday financial transactions without leaving the app.
The launch fulfills a key part of Musk’s long-term vision of turning X, formerly known as Twitter, into a super app similar to China’s WeChat, where users can access messaging, social media and financial services from a single platform.
X Money offers a variety of banking functions, including peer-to-peer payments, wire transfers, direct paycheck deposits, bill payments and check mailing services. Subscribers can also send and receive money instantly with other eligible X Money users through the app.
One of the service’s most notable features is the introduction of the X Card, a customized metal Visa debit card that enables users to withdraw cash from ATMs worldwide and make in-person or online purchases. The company says cardholders will not incur additional fees for international transactions and can also earn up to 3 percent cashback on qualifying purchases.
To attract customers, X Money is offering an annual percentage yield (APY) of up to 6 percent on eligible deposits, a rate that is competitive with many traditional banks and online financial institutions. The platform also promises that users with direct deposit can receive their paychecks up to two days earlier than standard banking schedules.
Security has been given a central role in the new service. Users can set customized transaction limits and require passkey authentication for account access, while every transaction is protected through Visa’s security infrastructure. Customer deposits are held in partnership with Cross River Bank and are insured by the U.S. Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor.
Despite its ambitious launch, X Money begins with several limitations. Peer-to-peer transfers are currently restricted to X users aged 18 or older who have access to the service. In addition, the X Card cannot yet be used everywhere in the United States because the company has not secured money transmitter licenses in some key markets, including New York and Massachusetts. Industry analysts say these regulatory gaps could slow broader adoption and limit the platform’s ability to compete with established payment services.
Even so, the launch represents a significant milestone in Musk’s broader strategy to diversify X beyond social media. The company plans to expand X Money to more users and additional markets in phases as it continues its push to become a comprehensive digital platform for communication, commerce and financial services.