X Money Hits US: Musk's 'Everything App' Mission Enters the Payment Arena
AI-generated image · US National Wire
The rollout of a digital wallet and Visa card marks a pivot toward financial services, but regulatory warnings and tiered rewards suggest a complex road ahead.
Elon Musk's vision of transforming X into an "everything app" has reached a milestone with the US launch of X Money. As reported by The Verge, the payment platform is rolling out starting today, moving beyond an invite-only beta to become available for X Premium and Premium Plus subscribers.
X Money offers peer-to-peer payments similar to Venmo. The platform introduces a digital wallet and free money transfers within the X ecosystem. The service also includes a metal Visa card that allows users to feature their X username on the physical card, alongside integration with Apple Wallet.
However, the value proposition for the end user is heavily stratified by subscription tier. According to The Verge, X Money advertises an APY of "up to" 6 percent, but this rate is not universal. While Premium Plus subscribers are eligible for the rate, standard Premium subscribers must deposit a specific amount of money to unlock a "boosted" 6 percent APY.
This pivot toward financial services has not occurred without friction. The Verge notes that Sen. Elizabeth Warren (D-MA) previously raised alarms regarding the platform, stating that X Money could create risks for the stability of the financial system, national security, and general consumers.
Despite these concerns, the launch aligns with Musk's long-stated ambitions. The Verge reports that during a 2023 staff meeting, Musk asserted that anything involving money would eventually be integrated into the platform. While Musk had previously mentioned "early public access" for the service in April, the current rollout marks the official expansion to the broader US subscriber base.