Elon Musk’s social media platform X has officially launched its long-awaited X Money financial service in the United States, expanding the company’s ambitions to transform the platform into an all-in-one “everything app”.
The new service allows eligible users to manage money directly within the X app, including holding deposits, making peer-to-peer payments, paying bills, transferring funds and accessing additional banking features without leaving the platform.
X Money is initially available to US subscribers on the platform’s paid Premium and Premium+ tiers, following an earlier limited test phase. The rollout marks a major step in Musk’s long-term plan to combine social networking, payments and financial services in a single digital ecosystem.
The financial service is being supported by Cross River Bank, which provides the regulated banking infrastructure behind X Money. Deposits are held through the banking partner and are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 for eligible accounts.
The platform has also introduced additional payment features, including peer-to-peer transfers, a Visa debit card option and Apple Wallet support, further positioning X as a competitor to established digital payment platforms such as PayPal’s Venmo, Block’s Cash App and SoFi.
Musk has repeatedly said he wants X to follow the model of China’s WeChat, which combines messaging, shopping, payments and other everyday services within one application. The billionaire believes integrating financial tools could increase user engagement and create new revenue opportunities for the platform.
X Money’s launch has also attracted regulatory attention, with concerns raised in Washington over consumer protection, financial oversight and the sustainability of some of the service’s financial offerings. Senator Elizabeth Warren previously questioned aspects of the platform’s plans and raised concerns about safeguards for users.
The move represents one of Musk’s most significant expansions of X since acquiring the platform, formerly known as Twitter, as the company attempts to compete in the rapidly growing digital payments and fintech markets.