Elon Musk Launches X Money Payment Service
Credit: money.x.com
Elon Musk’s payment service, X Money, has launched for X Premium and Premium Plus users, giving them access to the platform’s core financial services.
The service offers instant transfers via the X card, 3% cashback, and its own digital wallet. Venmo-style transfers are available, Apple Wallet is supported, and it’s compatible with Apple Pay and Google Pay. You can also order a physical Visa card (metal) with your name on it.
Customer funds are stored at Cross River Bank and insured for up to $250,000; every transaction is processed through Visa’s risk management system. According to the X Money website, deposits can earn up to 6% per annum. However, this rate isn’t available to everyone: Premium+ subscribers are offered it outright, while Premium users must deposit a certain amount.
Musk had been planning to launch X Money for some time. Back in 2023, he stated at a meeting with X employees: “If it’s about money, it’ll be on our platform.”
