Elon Musk launches X Money, a new digital banking service:Users can hold deposit accounts, send money, and pay bills in the payments space

Elon Musk has taken another big step toward turning X into an “everything app.” The platform has officially started rolling out X Money, a new digital banking service that lets users manage many everyday financial tasks directly inside the app. With X Money, users can open a deposit account, send and receive money, pay bills, transfer funds, and even deposit physical checks without switching to a separate banking app. For now, the feature is available only to Premium and Premium+ subscribers in the United States. X Money is now officially available After spending some time in an invite-only testing phase, X officially began rolling out X Money on July 27. The service is currently limited to paid subscribers in the US, but it marks a major milestone in Musk’s long-term vision of making X much more than just a social media platform. The deposit accounts offered through X Money are backed by Cross River Bank, giving users access to banking services directly in the X app. What can you do with X Money? X Money is designed to handle many daily banking activities in one place. Users can: The idea is simple: users should not have to leave the X app to complete common financial tasks. Virtual and metal Visa cards Every eligible X Money user automatically receives a virtual Visa debit card. The card can be used with Apple Pay and Google Pay. Users who prefer a physical card can also order a metal Visa debit card. They can even choose whether their X username should appear on the card. Key card benefits
Earn up to 6% Annual Interest One of the biggest attractions of X Money is its interest rate. Eligible users who set up direct deposit can earn up to 6% Annual Percentage Yield (APY) on their money. The service also includes several additional benefits: Security features X says it has added multiple layers of security to protect users’ money. According to the company: Pass-key authentication is used to protect accounts. Every payment requires an extra verification step, while Visa’s fraud protection and risk management systems help monitor card transactions. Musk’s vision of an ‘everything app’ X Money is part of Elon Musk’s larger goal of transforming X into an “everything app.” The idea is inspired by China’s WeChat, where users can chat, shop, pay bills, transfer money, and access many other services without leaving one app. Back in 2023, Musk told employees that he wanted X to do much more than simple peer-to-peer payments. His goal was for the platform to support users’ entire financial lives. US lawmakers have raised concerns As X expands into financial services, it has also attracted attention from US regulators. In April, Elizabeth Warren, the top Democrat on the Senate Banking Committee, sent a letter to Elon Musk seeking details about whether X was fully prepared to offer banking services responsibly. She raised concerns about possible risks related to consumer protection, national security and the broader financial system. What does APY mean? Annual Percentage Yield (APY) is the total interest you can earn on your money over one year, including the effect of compound interest.
In simple words, if you keep your money in an X Money deposit account and qualify for the 6% APY through direct deposit, your savings can grow faster because interest is added to both your original balance and the interest you’ve already earned. X Money is one of Elon Musk’s biggest steps yet toward making X a platform where users can do much more than post and message.