X Officially Begins Rolling Out X Money Across the United States
SAN FRANCISCO — X, the social media platform owned by Elon Musk, has officially begun rolling out X Money in the United States, marking a major step toward Musk’s long-term vision of transforming X into an “everything app.”
The financial service is rolling out initially to X Premium and Premium+ subscribers in the U.S. after an invite-only beta, bringing peer-to-peer payments, deposit accounts, and a Visa debit card directly into the X app.
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What Is X Money?
X Money is a built-in financial platform that enables users to:
- Send and receive money instantly within X
- Hold funds in an FDIC-insured deposit account through Cross River Bank
- Request payments from other users
- Access a virtual and physical Visa debit card
- Add the virtual card to Apple Wallet
- Earn up to 6% APY on eligible balances, depending on subscription tier and account requirements.
A Step Toward the “Everything App”
Elon Musk has repeatedly stated his ambition to turn X into a platform that combines social networking, communications, commerce, and financial services.
The launch of X Money represents one of the most significant milestones in that strategy, allowing users to perform financial transactions without leaving the platform. Future features are expected to expand the service as X continues building its broader digital ecosystem.
Banking Infrastructure and Security
X Money is powered by Cross River Bank, with eligible deposits held in FDIC-insured accounts. The service also includes Visa-backed payment capabilities and security features such as passkey authentication and customizable transaction controls.
Competing With Established Payment Apps
The rollout places X Money in direct competition with established digital payment services such as Venmo, Cash App, and PayPal.
By integrating payments directly into a social media platform, X aims to create a seamless experience where messaging, content sharing, and financial transactions occur within a single application.
Conclusion
The U.S. rollout of X Money marks a major milestone in X’s evolution beyond social media. While the service is currently limited to Premium subscribers, it represents a significant move toward Elon Musk’s vision of creating a comprehensive “everything app” that combines social networking with digital financial services.
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