Since Elon Musk took over X (formerly Twitter) in 2022, he has pursued a vision of turning the platform into an “everything app,” similar to WeChat in China. Imagine a single app where you can message friends, connect with strangers, buy and sell goods, and even manage your money—that is the future Musk has envisioned for X.

On Monday, that vision took a major step forward with the official launch of X Money for Premium and Premium+ subscribers in a limited rollout across the US, following months of speculation about when the platform would finally arrive.

“Your money, on the world’s most powerful network. 𝕏 Money is rolling out to U.S. Premium and Premium+ subscribers starting today,” X Money said in a post on X.

What X Money actually offers 

X Money combines a digital wallet, peer-to-peer payments, a Visa debit card, and savings features into the X app, offering eligible users up to 6% APY on deposits. 

The service bundles several banking features into the platform. Users can send and receive money instantly without transfer fees, hold deposit accounts, receive direct deposits up to two days early, pay bills, send wire transfers, mail physical checks, and withdraw cash from ATMs without fees. 

Every user receives a virtual X Card that can be added to Apple Wallet. Subscribers can also order a physical metal Visa debit card, customise how their name appears on it, and choose whether to display their X username. Eligible purchases earn 3% cashback, and there are no foreign transaction fees. 

One important detail users may miss is that X Payments LLC is not an FDIC-insured bank. 

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