Elon Musk's social media platform X is expanding into digital financial services with the launch of X Money, a new payment feature that will initially be available on an invitation-only basis. The service is expected to allow eligible users to send, receive and manage money directly through the platform, bringing banking-style features to the social media ecosystem.
According to the company, the first phase of X Money will be limited to X Premium subscribers, who will receive invitations to join the service. Eligible users will also be offered an X-branded Visa debit card, which can be used for ATM withdrawals and everyday purchases.
A key feature of the platform is its peer-to-peer (P2P) payment system, enabling users to transfer money instantly to other X users in real time. The company believes this functionality will make X a more comprehensive digital platform by combining social networking with financial transactions.
Although X Money offers banking-like services, it is not a licensed bank. Instead, the platform is partnering with an established financial institution to provide payment and account services without operating as a traditional bank.
The company also plans to offer up to 6% annual interest on eligible account balances. To qualify, users must maintain a minimum balance of US$1,000 and subscribe to X Premium, which starts at US$8 per month. In addition, cardholders may receive up to 3% cashback on selected purchases made using the X Visa debit card.
The rollout reflects Elon Musk's broader vision of transforming X into an "everything app" that combines social media, messaging, payments and financial services within a single digital platform.
