X Money US rollout begins for Premium subscribers

X Money US rollout has begun for Premium and Premium Plus subscribers to Elon Musk’s X social media app, according to Finextra. The launch adds peer-to-peer payments, money transfers, a deposit account and a physical Visa debit card, extending X’s push into consumer financial services.

According to X, the product offers up to 6% APY, 3% cashback and access to paychecks up to two days early. The Visa debit card can be used for point-of-sale purchases and ATM withdrawals, while the payment functions allow users to send money to other users.

The rollout marks a concrete step in Musk’s stated plan to turn X into a broad consumer platform where social media, payments and other financial activities sit inside a single service. The move also places X closer to fintech companies and digital wallets that combine account balances, cards and payments in one product.

What is X Money and who can use it?

X Money is a financial feature set inside X that allows peer-to-peer payments and money transfers, alongside a deposit account and a physical Visa debit card. Finextra reported that availability is currently for US users who subscribe to X Premium or Premium Plus.

A deposit account holds customer funds, while a debit card lets users spend from the account balance at merchants or withdraw cash at ATMs. Peer-to-peer payments allow transfers between individuals, which is the same basic function offered by many digital wallet services.

The terms disclosed by X, including the advertised APY, cashback rate and early paycheck access, are central to the consumer pitch. APY, or annual percentage yield, is the rate that reflects how much interest an account can earn over a year, including compounding where applicable.

Musk’s broader financial services plan

Musk has long described X as an intended “everything app”, a platform that could handle a user’s broader digital activity, including money. In an all-hands call with employees in October 2023, he said payments on X would mean more than sending small sums between friends.

“When I say payments, I actually mean someone’s entire financial life,” Musk told employees at the time, according to Finextra. “If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

During the same 2023 call, Musk set an aggressive timetable for financial features, saying it would “blow my mind” if they were not rolled out by the end of the following year, Finextra reported.

X’s product ambitions have since broadened beyond payments. Earlier this year, X head of product Nikita Bier claimed that users would soon be able to trade stocks and crypto directly from their timeline, according to Finextra. X has not, in the reported details, linked the current X Money availability to a confirmed launch date for stock or crypto trading.

The US rollout gives X a live consumer payments product in its home market, though the available details do not specify how widely within the US it is accessible beyond Premium and Premium Plus eligibility. For investors and payments companies, the launch is another sign that large social platforms continue to test how far they can move into financial services without relying solely on traditional banking interfaces.

This story draws on original reporting from Finextra Research.