X Money launch begins in US for Premium subscribers
X Money is rolling out in the US with a digital wallet, peer payments and a Visa card for X Premium users, 9to5Mac reports.
By Maya Lindqvist · Senior Technology Correspondent
2 min read
The X Money launch began in the US today, giving some paying X users access to Elon Musk’s long-planned payments service. 9to5Mac reported that the rollout is starting with X Premium and Premium Plus subscribers, expanding a product that had been in an invite-only beta.
X Money is central to Musk’s effort to make X a broader consumer app rather than only a social network. The service adds financial tools inside the X ecosystem, including a wallet, user-to-user transfers and a branded Visa card.
What is X Money?
X Money is a payments platform tied to X accounts. According to X Money’s website, it includes a digital wallet and peer-to-peer payments, a setup that puts it in the same general category as services such as Venmo.
The service also offers a metal Visa card that users can customize with their X username, according to X’s product materials. X says the card works with Apple Wallet, and the company promotes no-fee transfers on X.
- Available first to X Premium and Premium Plus subscribers in the US, according to 9to5Mac.
- Includes a digital wallet and person-to-person payments, according to X Money’s site.
- Offers a metal Visa card with Apple Wallet support, according to X.
- Advertises up to a 6 percent APY, with eligibility rules that differ by subscription tier, according to X Money support pages.
The advertised interest feature has limits. X Money support pages say Premium Plus subscribers are eligible for the advertised rate, while standard Premium subscribers must meet a deposit requirement to receive a boosted 6 percent APY.
The public rollout follows Musk’s earlier statement that “early public access” for X Money would begin in April. 9to5Mac reported that the broader availability is now beginning for eligible US subscribers.
Why is X adding payments?
Musk has described payments as part of his plan to turn X into an “everything app,” a broad platform for communication, media and financial activity. At an X staff meeting in 2023, Musk said, “If it involves money, it’ll be on our platform.”
The move also brings more scrutiny to X’s handling of financial services. Earlier this year, Senator Elizabeth Warren raised concerns about X Money in a letter, warning that the service could create risks for “consumers, our national security, and the stability of the financial system.”
X’s rollout is limited for now to paying subscribers in the US, according to 9to5Mac. The company has not opened the service to all X users based on the details reported so far.
This story draws on original reporting from The Verge.