“Today, we’re releasing [X Money] to a subset of US Premium+ users to collect feedback and iron out issues ahead of a broader launch,” Dhruv Batura, head of X Money, said in a Thursday (June 25) post on X.
Benji Taylor, head of design at X and xAI, shared an in-app welcome preview video for X Money in a Thursday post on X and added that X Money “already has a ton of great features and perks.”
According to the video, X Money includes accounts for everyday spending, saving, sending and other functions; a custom metal Visa debit card with free ATM withdrawals and no foreign transaction fees; the ability to “pay anyone, any way,” including paying rent, sending a wire, mailing a check or paying friends; and the ability to earn interest on deposits, with no minimum balance.
X Money is secured with passkeys, and account holders’ funds are automatically enrolled in the X Cash Sweep Program that provides access to up to $10 million of FDIC insurance. Deposits are held at Cross River Bank, Member FDIC, and other FDIC-insured institutions, per the video.
When X announced its plans for the X Money payment system in January 2025, PYMNTS reported that turning X into a super app has long been a goal of Elon Musk. The introduction of X Money aims to integrate financial services seamlessly into the social media experience, the report said.
Later in January 2025, X announced that Visa had become the first partner for the X Money account and that the partnership would allow “secure + instant funding” to an X Wallet via Visa Direct, would connect to the user’s debit card to allow peer-to-peer payments, and would give users the option to instantly transfer money to their bank accounts.
It was reported in April that X Money was moving closer to reality and that early testers of the platform had mentioned perks such as 3% cash back on eligible purchases and a 6% interest rate on cash savings.
