X launched the X Money payment service for paid subscribers in the US

Elon Musk’s social network X has begun a limited rollout of its own financial service, X Money. Currently, only adult users in the United States who have subscribed to Premium or Premium+ can use it. Prior to this, the service operated in a closed beta testing phase by invitation for several months.

Subscribers have access to the X Visa debit card: the virtual version can be added immediately to Apple Pay, allowing users to transfer money to other users within the app without fees or limits. Additionally, a physical X Visa card is available with no foreign transaction fees and free cash withdrawals at ATMs worldwide.

Terms vary depending on the subscription level. X Premium+ subscribers automatically receive an annual percentage yield (APY) of 6% on their account balance. X Premium subscribers must link a direct salary deposit to their account to qualify for the same rate. Cashback of up to 3% on certain purchase categories and early access to wages upon linking a deposit are also promised.

The launch of X Money realizes a long-held vision of Elon Musk. As far back as 1999, he founded the fintech startup X.com, which later became part of PayPal. After acquiring Twitter in 2022, Musk rebranded the platform as X and acquired the x.com domain. Since then, he has repeatedly spoken about his plans to transform X into an “everything app” modeled after China’s WeChat, and the launch of the payment service marks another step toward that goal.

Source: x.com