X Money is launching in the US starting today
Elon Musk's payment platform rolls out in the US today, featuring a digital wallet, a custom metal Visa card, and up to 6% APY for subscribers.
Stock photo for illustration only, not from the actual event
- X Money is rolling out in the US starting today
- Available first for X Premium and Premium Plus subscribers
- Features a digital wallet, metal Visa card, and Apple Wallet support
- Offers up to 6% APY for Premium Plus members
X Money, a core component of Elon Musk's vision to transform X into an "everything app," is rolling out starting today, according to 9to5Mac. The new payment platform introduces a digital wallet and peer-to-peer payment capabilities similar to Venmo, alongside a physical metal Visa card that allows users to display their unique X username directly on the card surface.
Alongside standard transaction features, the platform integrates with Apple Wallet and enables free money transfers natively on X. It also promotes a yield of up to 6 percent APY, though this high-tier perk is strictly limited to Premium Plus subscribers, while standard Premium users are required to deposit a specific monetary amount to unlock the boosted rate.
Stock photo for illustration only, not from the actual event
Prior to today's rollout, X Money was restricted to an invite-only beta testing phase, but it is now expanding broadly to US-based X Premium and Premium Plus members. This commercial launch arrives a few months after Elon Musk announced that an early public version of the payment system would debut in April.
Expanding into financial services represents a major strategic pivot for X as the company seeks to diversify revenue streams beyond digital advertising. However, launching a consumer financial platform invariably attracts intense regulatory scrutiny regarding consumer data protection, anti-money laundering compliance, and overall financial system stability.
Earlier this year, Senator Elizabeth Warren voiced significant safety concerns regarding X Money, warning in written statements that the platform could introduce vulnerabilities for consumers, national security, and financial system stability. Musk's ambition to integrate financial infrastructure into the app has been ongoing for years; back in 2023, he emphasized to X staff during a meeting that any service involving money would eventually reside on their platform.
Source: The Verge
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