X Money Payment Platform Launches for Premium Subscribers in the US

Elon Musk's X platform is launching its payment service, X Money, to a wider audience starting today. The rollout, first reported by 9to5Mac, makes the digital wallet and peer-to-peer payment system available to X Premium and Premium Plus subscribers in the United States. X Money represents a foundational piece of Musk's strategy to evolve X into an "everything app" that encompasses social networking, commerce, and finance.

The service includes a set of features familiar to users of apps like Venmo or Cash App. Users gain a digital wallet for storing funds and can transfer money to other X users at no cost. A notable physical offering is a customizable metal Visa card that displays the cardholder's X username. The card also works with Apple Wallet, enabling contactless payments and integration with Apple's ecosystem.

Interest on held balances is a key incentive. X Money advertises an annual percentage yield (APY) of as much as 6 percent. However, the full rate is reserved for Premium Plus subscribers. Those on the standard Premium tier can qualify for a "boosted" 6 percent APY only after depositing a certain sum, though exact thresholds have not been detailed. This tiered approach mirrors strategies used by other fintech services to reward higher-tier subscribers.

X Money had been operating in an invite-only beta prior to this broader launch. The expansion fulfills a timeline Musk hinted at earlier this year when he said that "early public access" would begin in April. Musk has repeatedly stressed the centrality of payments to X's future. During a 2023 staff meeting, he asserted that anything involving money would eventually live on the platform, signaling his intent to compete directly with established financial technology companies.

The debut is not without controversy. Senator Elizabeth Warren has voiced sharp concerns about the venture. In a letter, she cautioned that X Money could expose consumers to risks and threaten both national security and the stability of the broader financial system. Her warnings point to potential regulatory hurdles as the platform scales.

X Money's launch is a concrete step in Musk's long-telegraphed plan to weave financial services into the social media fabric. While currently limited to U.S. subscribers, the move sets the stage for a broader push that could reshape how users interact with money on social platforms.