Elon Musk has just taken one more step towards turning X into “the everything app.”
On Monday, Musk’s social media platform X announced the launch of a new service on the platform called X Money.
This Tweet is currently unavailable. It might be loading or has been removed.
What is X Money? The new service on X basically provides banking and financial services for paying X Premium and Premium+ subscribers right within the app. X Money includes peer-to-peer payments and money transfers within the X platform, as well as a deposit account. Users will also receive “the X card,” a physical Visa debit card for ATM withdrawals and in-person transactions.
According to the announcement post, X Money users will be able to conduct a variety of everyday transactions directly within X, just as they would with any other bank account. Some core functions of X Money include:
X also says that users can get paid up to two days early with direct deposit.
Mashable Light Speed
Elon Musk’s gets one step closer to his “everything app” with the launch of X Money.
Credit: X
Premium+ subscribers on X are immediately eligible for 6% APY, whereas X Premium subscribers can also reach that rate after meeting Qualifying Direct Deposit requirements.
X Money’s Visa Debit Card, which the service is calling the X Card, will provide 3% cash back on eligible purchases and no-fee cash withdrawals at any ATM worldwide. X Card supports digital wallets such as Apple Pay and Google Pay as well.
Deposit accounts are held with X Money partner Cross River Bank, Member FDIC and insured up to $250,000.
Musk has long planned to launch an X Money-type service within the X app. The owner of the social media platform certainly has experience in the industry. Before X was a social media platform formerly known as Twitter, Musk ran a payment services company called X that later merged with PayPal in the early dot-com era. Musk has long had a goal of creating a true “everything app,” according to biographers and other sources.
Musk previously claimed that it would “blow his mind” if his social media company didn’t launch financial services within X by the end of 2024. X Money went through an initial test phase earlier this year and is now rolling out to a subset of its user base in the U.S. with plans to further expand in the near future.
