X Money has begun its rollout in the United States, marking a significant step in Elon Musk’s broader initiative to develop X into a comprehensive “everything app.” The platform provides users with digital wallet functionality and peer-to-peer payment capabilities comparable to existing services like Venmo. Users can obtain a metal Visa card customized with their X username, and the service integrates with Apple Wallet for added convenience.
The payment platform features promotional interest rates, advertising up to 6 percent annual percentage yield. However, access to the highest rate is restricted to Premium Plus subscribers, while standard Premium subscribers must meet certain deposit requirements to qualify for a boosted 6 percent APY. Money transfers conducted on X are offered at no cost to users.
X Money transitions from a limited beta phase that restricted access to selected users. The service is now available to all X Premium and Premium Plus subscribers throughout the United States. The public launch follows an announcement earlier this year regarding early public access that was scheduled for April.
The rollout occurs amid ongoing scrutiny from lawmakers. Senator Elizabeth Warren of Massachusetts raised concerns earlier this year regarding potential risks posed by the payment platform, citing possible threats to consumers, national security, and financial system stability. Musk’s pursuit of integrating financial services into the X platform reflects a long-standing strategic objective, with the executive indicating during a 2023 staff meeting that any money-related services would be incorporated into the company’s platform.
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