Elon Musk's X has launched X Money, a new digital payments and banking service that allows users to manage money, send payments and access financial services directly through the social media platform.

The service is initially available to a select group of X Premium and Premium+ subscribers in the United States following a closed testing phase, with wider availability expected in the future.

X Money Brings Banking to the Platform

X Money allows eligible users to send and receive money, set up direct deposits, pay bills, initiate wire transfers and request physical cheques without leaving the X platform.

Users who set up direct deposit can also access their pay up to two days early, while Premium+ subscribers are eligible for a 6% annual percentage yield (APY) on deposits. Premium subscribers can qualify for the same rate by meeting certain direct deposit requirements.

X Introduces Its Own Visa Card

The service also comes with the X Card, a physical Visa debit card for X Money account holders.

The card offers 3% cashback on eligible purchases, no ATM fees for cash withdrawals and support for Apple Pay and Google Pay.

X Money deposit accounts are held with partner bank Cross River Bank, a member of the Federal Deposit Insurance Corporation (FDIC), with eligible deposits insured up to the standard $250,000 limit.



Musk Pushes X Towards an Everything App

The launch marks a major step in Musk's long-standing ambition to transform X into an "everything app" combining social media, communication and financial services.

The move also reflects Musk's early involvement in online banking. He co-founded X.com in the late 1990s, which later merged with Confinity and became PayPal.

With X Money, the platform is expanding beyond social networking and entering the increasingly competitive digital banking and payments market.