Elon Musk Launches X Money in Push Toward 'Everything App'
The rollout brings payments, deposits, and debit card services to Premium subscribers as X expands beyond social media into digital finance.
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[Image: Nomita Samaiyar/MITSMR Middle East]
Elon Musk has expanded X’s ambitions beyond social media with the launch of X Money, a payments and financial services offering that brings deposits, peer-to-peer payments, and debit cards onto the platform. The rollout to Premium and Premium+ users in the US marks the company’s biggest move yet toward becoming an “everything app.”
The service expands beyond an invite-only beta that had been available to a limited group of users.
The launch brings a range of financial services directly into the X app, allowing users to hold deposits, send instant peer-to-peer payments, pay bills, initiate wire transfers, receive direct deposits, and use a Visa debit card without leaving the platform. X is also offering a customizable metal debit card with 3% cashback on eligible purchases and early direct deposit, enabling eligible users to receive paychecks up to two days sooner.
X Money advertises annual percentage yields of up to 6% on eligible deposits. According to the company, Premium+ subscribers qualify for the highest rate, while Premium subscribers must meet direct-deposit requirements to receive the boosted yield. The service also includes paper checks, fee-free ATM withdrawals, and dedicated customer support.
The platform uses passkeys for authentication and allows users to set custom transaction limits. Deposits are held through Cross River Bank and are insured by the Federal Deposit Insurance Corporation (FDIC) up to the standard $250,000 limit. Customers who enroll in the Cash Sweep Program can receive FDIC coverage of up to $10 million by distributing deposits across multiple participating banks, according to X.
The rollout advances Musk’s long-stated ambition to transform X into a multipurpose platform similar to China’s WeChat, combining social networking with payments and other financial services. In 2023, Musk told employees that he wanted every aspect of a user’s financial life to be handled through X if it involved money.
The launch comes amid continued regulatory scrutiny. In April, Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, questioned how X Money would operate safely and generate the returns it advertises, warning that platform weaknesses could pose risks to consumers and the broader financial system.
