X Money is finally here, and it’s much more than a digital wallet
X Money adds deposit accounts, peer-to-peer payments and a Visa debit card as Elon Musk pushes X toward an everything app.
- On Monday, X announced the launch of X Money, a new financial service for Premium and Premium+ subscribers in the United States that integrates deposit accounts, peer-to-peer payments, and a Visa debit card directly within the app.
- Elon Musk has long pursued an 'everything app' combining messaging, content, commerce, and financial services; he previously claimed it would 'blow his mind' if X didn't launch financial services by 2024, drawing on his earlier experience with PayPal.
- Premium+ subscribers earn up to 6% APY immediately while Premium subscribers can reach that rate after meeting direct-deposit requirements; deposits are insured up to $250,000 through Cross River Bank, Member FDIC, and the X Card provides 3% cash back on purchases plus fee-free ATM withdrawals globally.
- The X Card integrates with Apple Pay, Google Pay, and Apple Wallet for contactless payments and can be added to Apple Watch for tap-to-pay transactions; users can also send, receive, and request money without fees while getting paid up to two days early with direct deposit.
- Availability remains limited to the United States as X secures regulatory approvals across states, with no announced international expansion timeline; the rollout targets creators, freelancers, and businesses already on X, positioning X Money as an everyday spending account rather than just peer-to-peer payments.
27 Articles
27 Articles
Elon Musk's Platform X has launched X Money, a digital wallet and financial service for paid subscribers in the US. Users can transfer money, pay bills, deposit funds, and earn up to 6% interest.
The social network X launched on Monday a paid account offer as well as an OTC payment service, a new strategic step to make it a platform to do everything, according to the wish of its controlling shareholder, Elon Musk. ...
Musk's X adds Money banking service under 'everything app' push
Elon Musk's social media app X on Monday began offering its X Money banking service to all US subscribers of its paid Premium and Premium+ tiers, part of the multi-billionaire's ambition to turn the site into an "everything app." Premium+ subscribers can earn the top rate directly, while Premium users must meet direct-deposit requirements, according to the company.
Coverage Details
Bias Distribution
- 50% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
