Elon Musk's X Launches Financial Services Platform for US Premium Subscribers, With High-Yield Savings and Visa Debit Card
Elon Musk’s X Launches Financial Services Platform for US Premium Subscribers, With High-Yield Savings and Visa Debit Card #
X, the social media platform formerly known as Twitter, has begun rolling out X Money to Premium and Premium+ subscribers in the United States. The launch is the first broad public release of the financial services feature that Elon Musk has long described as central to his “everything app” ambition.
The service went live on July 27, with the official X Money account announcing the launch on the platform. Eligibility is restricted to US-based paying subscribers aged 18 and over, following an earlier invite-only beta phase that had given a small pool of testers access to the product.
X Money bundles several banking capabilities inside the X app, all operated by X Payments LLC in partnership with Cross River Bank, which provides FDIC-insured deposit protection up to $250,000, and Visa, which powers both the debit card and real-time money movement through Visa Direct. Users gain access to a deposit account for everyday spending and saving, peer-to-peer payment transfers with no fees, bill payments, wire transfers, and the ability to mail physical checks without leaving the app. Direct deposits can arrive up to two days early, according to the company.
The main financial benefits include a high-yield savings rate of up to 6% APY with no minimum balance requirement, 3% cashback on card purchases, and no foreign transaction fees. The debit card is available digitally (with Apple Wallet integration) and as a physical metal card personalized with the holder’s X handle.
The rollout caps a timeline that repeatedly slipped: earlier targets had pointed to a late 2024 or 2025 launch before limited testing began in 2026. Musk first outlined the payments vision shortly after acquiring Twitter for $44 billion in 2022, citing WeChat’s integrated commerce model in China as an inspiration. Securing money-transmitter licenses across US states and establishing the necessary banking and card-network partnerships accounted for much of the delay.
Notably absent from the current launch is any cryptocurrency functionality, despite persistent market speculation that digital assets would feature prominently. X has not disclosed a timetable for extending the service to free-tier users or to subscribers outside the United States.
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