San Francisco: Elon Musk-owned social media platform X has officially launched X Money, a new digital payments and financial services offering aimed at transforming the platform into an all-in-one digital ecosystem. The service has begun rolling out in the United States and is currently available exclusively to X Premium and Premium+ subscribers.
The launch marks a significant milestone in Musk’s long-stated ambition of turning X into an “everything app” similar to China’s WeChat, where users can seamlessly communicate, shop, make payments and access financial services from a single platform.
According to an announcement made through the official X Money account, the new service enables users to send and receive money instantly within the X app. It also introduces several banking-style features, including early salary deposits, interest-bearing accounts and a debit card called the X Card, allowing users to make purchases both online and offline.
X stated that users can receive their direct deposits up to two days before payday while earning up to 6.00% Annual Percentage Yield (APY) on eligible deposits. In addition, purchases made using the X Card qualify for 3% cashback on eligible transactions, providing further incentives for subscribers.
The platform has also integrated a range of traditional financial services into X Money. Users will be able to initiate wire transfers, issue paper cheques and make free ATM withdrawals. Dedicated customer support has also been introduced to assist users with account-related queries and financial transactions.
Security has been positioned as a key feature of the service. X Money utilises passkey authentication, eliminating the need for conventional passwords and offering enhanced protection against unauthorised access. Users can customise transaction limits and enable additional verification for selected payments. Furthermore, transactions made using the X Card are backed by Visa’s fraud detection and risk management systems.
To reassure customers about the safety of their funds, X confirmed that deposits are held at Cross River Bank, a member of the Federal Deposit Insurance Corporation (FDIC). Individual deposits are insured up to $250,000, while an automatic cash sweep programme can extend aggregate FDIC pass-through insurance coverage of up to $10 million across participating banks, subject to applicable terms and conditions.
The service also supports Apple Wallet, allowing customers to add a virtual X Card to Apple Pay for contactless transactions. Users who prefer a physical card can order a premium metal version, with options to personalise the card by displaying their preferred name or X username.
According to a report by 9to5Mac, new customers signing up for X Money may also receive a $15 welcome deposit, although details regarding eligibility and promotional terms have not been fully disclosed.
X had been testing the feature through a beta programme for several months before its public rollout. Industry observers view the launch as one of the company’s most ambitious product expansions since Musk acquired the platform, signalling a broader shift beyond social networking into financial technology.
