Elon Musk has officially started rolling out X Money, a new payment platform built into X as part of his long-term plan to transform the social media platform into an “everything app.”
According to 9to5Mac, the service is launching today for eligible users in the United States after previously being available only through an invite-only beta.
X Money introduces a digital wallet that allows users to send and receive money directly through X, offering peer-to-peer payments similar to services like Venmo. Users can also order a metal Visa card that can be personalized with their X username. The platform supports Apple Wallet and includes free money transfers between X users.
The service also offers an annual percentage yield (APY) of up to 6 percent, although the highest rate is reserved for Premium Plus subscribers. Standard Premium subscribers can also qualify for the boosted 6 percent APY, but only after depositing a required amount of money into their account.
For now, X Money is available only to X Premium and Premium Plus subscribers in the United States. The launch follows Elon Musk’s announcement earlier this year that the payment platform would begin early public access in April.
The rollout comes despite concerns from some lawmakers. Earlier this year, Senator Elizabeth Warren warned that X Money could create risks for consumers, national security, and the broader financial system. Musk, however, has consistently expressed his ambition to make financial services a central part of X. During a company meeting in 2023, he said that if something involves money, it should be available directly on the platform.
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