X Money launch brings banking features to Musk’s app
X says X Money is rolling out in the U.S. with payments, deposits, a Visa debit card and subscriber APY perks inside the app.
By Georgia Hale · Staff Writer
3 min read
The X Money launch puts banking-style tools inside Elon Musk’s social platform, giving eligible paid subscribers a deposit account, peer-to-peer payments and a physical Visa debit card, according to X.
X announced the service Monday through its X Money account, pointing users to a new financial hub for the platform. The rollout is currently reaching a subset of X users in the United States, with X planning a broader expansion later, according to the announcement.
The move pushes Musk’s long-running plan to turn X into an “everything app” a little further into real life. Musk has for years discussed adding financial services to the platform, and X Money is the clearest version yet of that ambition inside the app formerly known as Twitter.
What is X Money?
X Money is a financial service for X Premium and Premium+ subscribers that lets users send money, receive money and handle everyday transactions inside X, according to the company. The service includes a deposit account and the X Card, a physical Visa debit card for ATM withdrawals and in-person purchases.
An “everything app” is a single platform meant to handle several daily tasks in one place. In X’s case, the financial features are being added to a social media app that Musk has said he wants to expand far beyond posts and messaging.
According to X, X Money users can handle several standard account functions without leaving the platform:
- Send wire transfers
- Mail checks
- Pay bills
- Set up paycheck direct deposit
- Send and receive money from people on X
X also says users may receive paychecks up to two days early when using direct deposit.
What benefits does the X Card offer?
The X Card is a Visa debit card tied to the X Money service, according to X. The company says it offers 3% cash back on eligible purchases and no-fee cash withdrawals at any ATM worldwide.
The card also works with digital wallets, including Apple Pay and Google Pay, according to the X Money service details.
For deposit returns, X says Premium+ subscribers are eligible right away for 6% APY. X Premium subscribers can also qualify for that rate after meeting the service’s qualifying direct deposit requirements, according to X.
Deposit accounts are held through Cross River Bank, which X identifies as its partner bank. Cross River Bank is a Member FDIC institution, and X says deposits are insured up to $250,000.
Why this fits Musk’s long X plan
Musk’s interest in payments predates his ownership of the social network. In the early dot-com era, he ran a payments company called X that later merged with PayPal.
After buying Twitter and renaming it X, Musk continued to describe a broader plan for a multi-purpose app. NPR has reported that biographers and others have tied Musk to the goal of building a true “everything app.”
Musk previously said it would “blow his mind” if financial services did not launch inside X by the end of 2024. X Money went through an initial testing phase earlier this year, and the company is now bringing it to U.S. users in stages.
This story draws on original reporting from Mashable.