What is the story about?
Elon Musk's long-stated goal of turning X into an "everything app" is now getting manifested. Musk-owned X (formerly Twitter) has launched X Money, a financial service for users in the United States.
On Monday (July 27), X began offering its X Money banking service, which is initially available to X Premium and Premium+ subscribers in the country. X Money lets users hold deposit accounts, send peer-to-peer payments, pay bills, transfer money by wire, and mail checks without leaving the X app.
The feature also combines a virtual or physical Visa card and adds it to Apple Wallet. The X Money rollout is a multi-billionaire's ambition to turn X into an "everything app" by bringing financial services alongside social networking.
We take a look.
According to the company's description, the X Money banking service is a free, instant transfer service on X. It provides 3 per cent cashback on eligible purchases with the X Card.
It also has an early deposit facility, with up to two days before the normal payday. The service features wires, checks and free ATM withdrawals.
"Security is at the core of X Money," the company said, adding that users' money is saved with passkeys for safe and fast authentication.
Each transaction has custom limits and requires authentication. According to the company, each and every card transaction is shielded by Visa's security and risk management capabilities.
“Your Money account is secured with passkeys for safe and fast authentication.... Every card transaction is protected by Visa’s security and risk management capabilities,” X Money said on its X account.
Within a single service, X Money comprises several financial features, allowing users to open a deposit account held at Cross River Bank, Member FDIC, transfer, receive, and request certain amounts quickly with other X users without any transfer fees.
From receiving direct deposits to billing, physical mail checks, and cash withdrawals from ATMs without fees, the service has a lot to offer at once.
Every X Money user is issued a virtual X Card that can be added to Apple Pay through Apple Wallet. The service also supports Google Pay.
Subscribers can also request a physical metal Visa debit card, personalise the name printed on it, and choose whether to display their X username.
The Visa debit card is accepted anywhere Visa is supported. Eligible purchases qualify for 3 per cent cashback, and the card does not charge foreign transaction fees.
On interest rates and subscriber benefits, X said, “Earn up to 6.00 per cent APY with Premium+, and up to 6.00 per cent APY with Premium once Qualifying Direct Deposit requirements are met."
With this rollout, the company has opened its financial platform beyond the invite-only beta.
Musk wanted X to resemble China's WeChat, a single app for messaging, shopping, and payments that is a backbone of consumer spending in China.
In 2023, during a staff meeting, the Tesla boss said, “When I say payments, I actually mean someone’s entire financial life....If it involves money. It’ll be on our platform."
However, ahead of the launch, X Money drew sharp scrutiny in Washington.
In an April 14 letter to Musk, Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, outlined concerns surrounding X Money.
“If your track record operating X is any indication of how you’ll operate X Money, consumers, our national security, and the stability of the financial system may be at risk,” Warren wrote in the letter.
“Your failure to operate X in a safe and responsible manner does not breed confidence in your ability to safely expand into consumer finance,” she said, as quoted by the Independent.
With inputs from agencies
On Monday (July 27), X began offering its X Money banking service, which is initially available to X Premium and Premium+ subscribers in the country. X Money lets users hold deposit accounts, send peer-to-peer payments, pay bills, transfer money by wire, and mail checks without leaving the X app.
The feature also combines a virtual or physical Visa card and adds it to Apple Wallet. The X Money rollout is a multi-billionaire's ambition to turn X into an "everything app" by bringing financial services alongside social networking.
We take a look.
How will X Money work?
According to the company's description, the X Money banking service is a free, instant transfer service on X. It provides 3 per cent cashback on eligible purchases with the X Card.
It also has an early deposit facility, with up to two days before the normal payday. The service features wires, checks and free ATM withdrawals.
Your money, on the world’s most powerful network
𝕏 Money is rolling out to U.S. Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn
— X Money (@XMoney) July 27, 2026
"Security is at the core of X Money," the company said, adding that users' money is saved with passkeys for safe and fast authentication.
Each transaction has custom limits and requires authentication. According to the company, each and every card transaction is shielded by Visa's security and risk management capabilities.
“Your Money account is secured with passkeys for safe and fast authentication.... Every card transaction is protected by Visa’s security and risk management capabilities,” X Money said on its X account.
What X Money offers
Within a single service, X Money comprises several financial features, allowing users to open a deposit account held at Cross River Bank, Member FDIC, transfer, receive, and request certain amounts quickly with other X users without any transfer fees.
From receiving direct deposits to billing, physical mail checks, and cash withdrawals from ATMs without fees, the service has a lot to offer at once.
Elon Musk's long-stated goal of turning X into an "everything app" is now getting manifested. Image courtesy: X
Every X Money user is issued a virtual X Card that can be added to Apple Pay through Apple Wallet. The service also supports Google Pay.
Subscribers can also request a physical metal Visa debit card, personalise the name printed on it, and choose whether to display their X username.
The Visa debit card is accepted anywhere Visa is supported. Eligible purchases qualify for 3 per cent cashback, and the card does not charge foreign transaction fees.
On interest rates and subscriber benefits, X said, “Earn up to 6.00 per cent APY with Premium+, and up to 6.00 per cent APY with Premium once Qualifying Direct Deposit requirements are met."
With this rollout, the company has opened its financial platform beyond the invite-only beta.
Musk's 'Everything App' push, but what are the concerns?
Musk wanted X to resemble China's WeChat, a single app for messaging, shopping, and payments that is a backbone of consumer spending in China.
In 2023, during a staff meeting, the Tesla boss said, “When I say payments, I actually mean someone’s entire financial life....If it involves money. It’ll be on our platform."
However, ahead of the launch, X Money drew sharp scrutiny in Washington.
In an April 14 letter to Musk, Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, outlined concerns surrounding X Money.
“If your track record operating X is any indication of how you’ll operate X Money, consumers, our national security, and the stability of the financial system may be at risk,” Warren wrote in the letter.
“Your failure to operate X in a safe and responsible manner does not breed confidence in your ability to safely expand into consumer finance,” she said, as quoted by the Independent.
With inputs from agencies
