Elon Musk’s social media platform X has rolled out its X Money banking service to all U.S. Premium and Premium+ subscribers on Monday, as part of the billionaire entrepreneur’s vision to transform the platform into an “everything app.”
With this new release, the product—which had been tested by a limited group of users in the highest subscription tier since late June—is now accessible to a broader audience.
X Money allows users to hold balances, make peer-to-peer (P2P) payments, pay bills, execute bank transfers, and send checks via mail without ever leaving the X application.
Deposits are held at New Jersey-based Cross River Bank, which also powers various other financial technology applications. Funds in the accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
Elon Musk has repeatedly stated for years that he aims to turn X into a platform similar to China-based WeChat. Combining messaging, shopping, and payment services into a single application, WeChat is widely regarded as a cornerstone of consumer spending in China.
Additionally, a post shared from the official X Money account announced that deposits will offer an annual yield of up to 6%.
