Elon Musk announced that X Money, the platform's new digital banking service, will begin early public access next month for selected users. This move follows internal beta tests and aims to integrate financial services into the X app.
Musk described X Money as a "game changer" designed to make X an essential part of daily life, supporting the goal of reaching over one billion daily active users. The service will offer fast and secure financial management, including instant person-to-person payments, a virtual and physical Visa debit card, and account management via the X app.
Funding options include direct deposits, ACH transfers, wire transfers, and debit cards. Direct deposits may be available up to two days early. Accounts are FDIC insured up to $250,000 through Cross River Bank.
Users can track transactions in real time, set spending limits, and manage accounts through the app. Money accounts will earn interest on eligible balances and provide cash back on certain purchases. Instant P2P payments between Money users are supported, along with digital wallets like Apple Pay and Google Pay.
Access requires a verified US X account for individuals aged 18 and older. While most features are free, instant debit card withdrawals incur fees, and ATM fees are reimbursed. Security includes passkey authentication, card locking, and Visa Zero Liability coverage.
Although crypto integration is not currently mentioned, former CEO Linda Yaccarino previously indicated plans for expansion into investment and trading, suggesting digital assets could be included in the future.