X Money has begun rolling out to Premium subscribers in the United States, offering free and instant peer-to-peer transfers, cashback rewards on Visa card transactions, and an annual percentage yield of up to 6%. The move marks the social platform's first major push into financial services since Elon Musk acquired the company.
What X Money offers
The new service lets Premium users send money to each other instantly with no fees. It also includes a Visa-linked account that provides cashback on purchases. The 6% APY on balances is significantly higher than what most traditional banks offer on savings accounts. The features are designed to compete with payment apps like Venmo, Cash App, and PayPal.
Musk's 'This is Money' comment
Elon Musk, the company's owner, described the launch with a short statement: 'This is Money.' The phrase echoes his long-stated goal of turning X into an 'everything app' that handles messaging, payments, and commerce. X Money is currently limited to Premium subscribers in the US, with no word yet on international expansion or availability for free-tier users.
How to access X Money
Premium subscribers can find the X Money option within the app's menu. The service requires linking a Visa card to enable cashback and the high APY. Transfers between X Money accounts are instant and free. The rollout appears to be gradual, so not all eligible users may see the feature immediately.
The company has not disclosed a timeline for broader availability or whether it plans to add other financial products like loans or investment accounts. For now, X Money is a straightforward peer-to-peer payment system with a savings incentive, aimed at keeping users inside the X ecosystem.
