Billionaire Elon Musk launched X Money, a new financial service embedded directly within the X platform (formerly Twitter), allowing users to transfer money to one another in real time.
Initially, the service will be available exclusively in the United States on an invite-only basis for paid X subscribers.
The service does not operate as an independent bank; instead, it functions through the American institution Cross River Bank. Users will receive an X-branded Visa debit card that can be used at ATMs and retail locations.
Perks and Competition
To attract new customers, X Money is offering a 6% annual interest rate on deposits of at least $1,000, along with 3% cash back on select purchases. To qualify for the high yield, users must hold a paid X Premium subscription, which starts at $8 per month.
The launch aligns with Musk’s long-standing vision to transform X into an "everything app" that integrates social media with financial operations.
However, X Money enters a highly competitive marketplace already dominated by established platforms such as Venmo, Zelle, and Cash App.
