Elon Musk is preparing to launch the X Money banking service within X.

More than three years after acquiring Twitter, Elon Musk has come closer to his long-standing goal of transforming the X platform into a universal super app. The company may soon launch X Money, an integrated banking and payment service within the social network.

Early access to the product could open in the coming days. Users who are already testing the service have reported a range of features, including competitive financial offers: up to 3% cashback on eligible purchases and 6% annual interest on the account balance—significantly higher than the average rate in the US market.

X Money is also expected to offer free transfers between users, a personalized metal Visa debit card featuring the user's X nickname, and an AI concierge developed by xAI. This assistant will be able to track expenses, analyze transactions, and help manage finances. Users will also be able to conduct a significant portion of their daily lives within a single service: communicating, paying for services, making purchases, transferring money, and using financial tools.

The concept resembles China's WeChat, where users can hail a taxi, book tickets, pay bills, and perform many other tasks within a single app. In the US, such a model has not yet gained widespread adoption.

However, questions remain surrounding the launch. The company has not yet disclosed the full cost of services, the final set of features, or the exact date of the full public launch. A further hurdle is regulation: operating a payment platform in the US requires licenses in all 50 states. To date, X has obtained permissions in 44 states, while the approval process continues in several other regions.

If the launch is successful, X Money could become the first large-scale example of combining a social network with a banking service in the American market.

Source: bloomberg.com