Winning Bizness Desk
Mumbai.Washington: Elon Musk has officially begun rolling out X Money in the United States, marking the biggest step yet in his long-term plan to transform X from a social media platform into an "everything app". The new financial service is now available to Premium and Premium+ subscribers in the US after an invite-only beta phase, allowing users to open deposit accounts, send and receive money, pay bills and carry out everyday banking activities without leaving the X app. The service is powered by Cross River Bank, while Visa supports its debit card network.
Banking Services Integrated Into X App
The launch brings a range of banking and payment features directly into the platform, removing the need for users to switch between different financial apps. Subscribers receive a deposit account that enables peer-to-peer money transfers, bill payments, wire transfers and even cheque deposits from within the application.
The service currently includes:
- Deposit account backed by Cross River Bank
- Instant transfers between X users
- Bill payments and wire transfers
- Physical cheque deposits inside the app
- Direct salary deposits for eligible users
The wider rollout began on July 27 after several months of testing with selected users.
Visa Debit Card Offers Premium Benefits
Every eligible subscriber automatically receives a virtual Visa debit card that works with Apple Pay and Google Pay. Users can also order a premium metal card and even choose whether their X handle appears on it.
Some of the key benefits include:
- Three per cent cashback on eligible purchases
- No foreign transaction fee
- Worldwide acceptance wherever Visa is accepted
- Free ATM withdrawals for eligible users
- Complimentary wire transfers and mailed cheques
Eligible customers using direct deposit can also earn up to six per cent Annual Percentage Yield (APY) on deposits, while salary payments may arrive up to two days early. X says passkey authentication, additional payment verification and Visa's fraud protection systems have been built into the service for stronger security. (AP News)
Musk Advances His 'Everything App' Vision
The launch reflects Musk's long-standing ambition to build an all-in-one digital platform similar to China's WeChat, where messaging, shopping, payments and financial services operate together. Musk has repeatedly said that he wants users to manage every aspect of their financial lives through X, extending well beyond simple peer-to-peer payments.
An everything app, also known as a super app, combines multiple digital services such as social networking, messaging, banking, digital wallets, shopping, ride-hailing and utility bill payments within a single platform. X Money represents one of the most significant milestones towards achieving that goal.
Regulators Closely Watching Financial Expansion
X's move into financial services has also drawn increased attention from US lawmakers. Senator Elizabeth Warren had earlier sought detailed information from Musk on whether the platform was adequately prepared to handle banking operations responsibly. She raised concerns about consumer protection, national security and possible risks to the broader financial system as X expands beyond social networking into regulated financial services. Analysts say the company will likely face continued regulatory scrutiny as it attempts to compete with established payment platforms such as Venmo, Cash App and Zelle.
What APY Means for Customers
Annual Percentage Yield, or APY, represents the total annual return on deposits after taking compound interest into account. Under X Money, eligible users who set up direct deposits can earn returns of up to six per cent a year on qualifying balances.
At present, the service remains limited to US-based Premium and Premium+ subscribers. However, the launch signals Musk's broader strategy to turn X into a complete financial ecosystem, potentially paving the way for wider international expansion and additional banking products in the future.
