X Money is here: Elon Musk’s X launches digital payments service in US

Elon Musk-led social media platform X has finally rolled out its X Money feature, which gives users access to banking and financial services directly within the popular social media platform. Notably, the feature is currently rolling out in the United States and is limited to Premium and Premium+ subscribers.

In a post via the X Money handle, the social media platform announced that its newest service will allow users to send money instantly on the platform, earn interest on deposits, receive their salaries earlier and make purchases using the newly introduced X Card.

X has been offering X Money in beta for a few months, and the launch is part of Musk’s efforts to create an “everything app” similar to WeChat in China.

What can X Money do?

X Money is a digital money account that combines payments, banking-like features and a debit card within the X app. According to the company, users will be able to make free instant transfers to other X users and receive direct deposits up to two days before payday.

The service also offers up to 6.00% annual percentage yield (APY) on deposits and 3% cashback on eligible purchases made using the X Card.

Moreover, X Money gives users access to wire transfers, paper cheques and free ATM withdrawals. X also says that X Money users will receive dedicated customer support whenever required.

The company also says that security has been built into the service from the ground up. Money accounts are protected using passkeys, which allow users to authenticate their transactions without relying on passwords.

X Money also lets users set custom transaction limits and require additional verification for selected payments. Meanwhile, card transactions are protected using Visa’s fraud detection and risk management systems.

The company says that deposits are held at Cross River Bank, an FDIC member, and are insured up to $250,000. X also says deposits are automatically enrolled in a cash sweep programme that can provide up to $10 million in aggregate FDIC pass-through insurance across participating banks, subject to applicable terms and conditions.

X Money also comes with support for Apple Wallet. Users get a virtual X Card that can be added to Apple Pay via Apple Wallet. There is also the option to order a physical X Money metal card, where users will have the option of customising how their name appears and even choose to add their X username.

According to a 9to5Mac report, new users could also receive a $15 welcome deposit when they join the service.