Elon Musk's X platform has officially launched X Money, a digital wallet and financial service system for paying members in the United States. Users can transfer money, pay bills, deposit funds, and earn interest up to 6% through a single app, reflecting a plan to push X to become an "Everything App" modeled after China's WeChat.
The social media platform X, owned by billionaire Elon Musk, has officially launched its financial service called "X Money" for US users subscribed to Premium and Premium+ membership, following a limited beta test that began in late June.
This launch marks a significant step in Musk's vision to transform X into an "Everything App" that meets all daily life needs, similar to China's major platform WeChat, which serves as a hub for communication, shopping, and financial transactions.
X Money enables users to manage all financial transactions within one app without switching to others, supporting deposits, person-to-person transfers, bill payments, wire transfers, and even sending payment orders via checks.
Additionally, Premium+ account holders receive a savings interest rate of up to 6.00% per year, while regular Premium members can earn the same rate when depositing qualifying funds. This rate surpasses typical high-yield savings accounts at US banks, which average around 4-5%, and is significantly higher than many large commercial banks.
New subscribers receive a $15 welcome bonus along with a virtual debit card that can be linked to Apple Wallet for immediate use with Apple Pay. They also earn 3% cashback on qualifying spending. Users can order a "metal debit card" engraved with their X username and name if desired.
All deposits in X Money are held and managed by Cross River Bank, a partner bank in New Jersey that provides backend services to several leading fintech apps. User deposits are insured by the US Federal Deposit Insurance Corporation (FDIC) up to $250,000 (approximately 8.7–9.0 million THB) per individual.
Regarding security, X Money uses Passkeys technology for secure and speedy authentication. All card transactions are protected under Visa's risk management system.
This launch positions X to compete directly with major US digital payment and fintech providers such as Venmo (PayPal), Cash App (Block), and SoFi, leveraging its social media user base of hundreds of millions as a target customer group.
However, Musk's entry into financial services faces challenges. Shortly before the launch, Senator Elizabeth Warren, a Democratic leader on the Senate Banking Committee, sent a letter to Musk questioning X Money's business model, especially how it can afford to pay 6% interest, and expressing concerns about Cross River Bank's FDIC oversight history.
Warren stated bluntly in her letter, "If your history managing X reflects how you would manage X Money, consumers, national security, and financial system stability may be at risk. Your inability to manage X safely and responsibly does not inspire confidence that you can safely expand into consumer financial services."
Currently, X Money is available only to US individuals aged 18 or over with verified phone numbers. Musk has said at an employee meeting, "When I talk about payments, I mean a person's entire financial life. If it involves money, it should be on our platform."
, Source AFP /The Independent