Elon Musk's X has expanded its X Money banking service across the US, offering Premium subscribers in-app payments, deposits and banking features.
New York: Elon Musk's social media platform X has expanded its new X Money banking service to all US users subscribed to its paid Premium and Premium+ plans, marking another step towards Musk's vision of transforming X into an 'everything app.'
The service, which had been available as a test to a limited group of users since late June, allows subscribers to manage a range of financial services without leaving the X app.
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With X Money, users can hold deposits, send peer-to-peer payments, pay bills, transfer funds through wire transfers and mail checks without leaving the X app. Deposits are held with New Jersey-based Cross River Bank and are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
X said the service offers an annual percentage yield (APY) of up to 6% on deposits. Premium+ subscribers qualify for the highest rate, while Premium subscribers must meet direct-deposit requirements to access it.
The announced rate is higher than the returns currently offered by many high-yield savings accounts in the US and significantly above the near-zero rates at large traditional banks.
Musk has long expressed his ambition to make X similar to China's WeChat, an app that combines messaging, shopping, payments and other digital services within a single platform. Cross River Bank described X Money as the first government-insured banking platform in the US to be integrated with a social media network.
The launch puts X in direct competition with digital payment services such as Venmo, Cash App and SoFi, as it seeks to leverage its large user base to expand into financial services. However, the service has also drawn regulatory attention. In April, US Senator Elizabeth Warren questioned how X Money planned to generate enough revenue to support its promised interest rates. She also cited past FDIC enforcement actions against Cross River over lending practices.
AFP
Published: 28 Jul 2026, 04:51 pm IST
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