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X Money Launches in US with Apple Wallet Support for Premium Subscribers
Key points
- X Money launched in the US for Premium and Premium+ subscribers.
- Includes deposit accounts, peer-to-peer payments, and a Visa debit card.
- Offers Apple Wallet support and a physical metal card option.
- Premium+ users get 6% APY; Premium users can achieve it with direct deposits.
- Deposit accounts are held at Cross River Bank, Member FDIC.
Official Launch in the US
X has officially launched its financial service, X Money, in the United States. The service is now rolling out to Premium and Premium+ subscribers, following an invite-only beta phase. This move integrates banking features directly into the social media platform, expanding X's offerings into financial services.
Key Features and Benefits
X Money combines a deposit account, peer-to-peer payments, and a Visa debit card within the X app. Users can send, receive, or request money from others on the platform instantly, without fees or limits. The service includes integrations with Visa and Apple Wallet, allowing a virtual X Card to be added to Apple Pay. Users can also order a physical metal card and personalize it with their X username.
Financial incentives include up to 6% APY on eligible balances. Premium+ subscribers automatically qualify for this rate, while Premium subscribers can reach it after meeting direct-deposit requirements, such as at least $1,000 in qualifying direct deposits within 34 days. Eligible X Card purchases can earn 3% cash back, and the service advertises no foreign transaction fees and free cash withdrawals at worldwide ATMs. New users may receive a $15 welcome deposit.
Account Management and Security
Deposit accounts for X Money are held at Cross River Bank, Member FDIC. X has clarified its policy on account suspensions, stating that in most cases, users suspended for policies other than Child Safety or Violent and Hateful Entities violations will retain access to all X Money features. For suspensions related to those two policies, access to Money will be revoked, and the remaining balance will be returned by check.
Limitations and Future Vision
Currently, peer-to-peer payments are limited to other X users who have access to X Money. Additionally, X does not have money transmitter licenses in all states, including New York and Massachusetts, which may limit the card's usability for purchases nationwide. This launch is part of Elon Musk's long-term vision to transform X into an "everything app," a concept he has pursued since founding X.com as a financial services startup in 1999.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
X Money has clarified its policies regarding account suspensions, stating that most suspensions will not affect access to Money features, with exceptions for Child Safety or Violent and Hateful Entities violations. The service offers competitive APY rates for Premium+ and Premium subscribers, and has begun distributing physical X Cards with privacy features. This provides further details on the financial service's operational aspects and benefits for users.
X Money has launched for US Premium and Premium+ subscribers, offering features like cashback and a 6% annual yield on funds. However, the service is currently limited to peer-to-peer payments between X users and lacks money transmitter licenses in key states like New York and Massachusetts, hindering widespread adoption.
X has launched its X Money app for paid subscribers in the United States, offering an X Visa debit card, peer-to-peer transfers, and financial incentives like APY and cashback. This release is part of Elon Musk's long-term vision to transform X into an "everything app" by integrating financial services.
X Money, a payment platform from X, is rolling out in the US, initially for X Premium and Premium Plus subscribers. The platform includes a digital wallet, peer-to-peer payments, a metal Visa card, Apple Wallet support, and free money transfers on X, with up to 6% APY for eligible users. This launch marks a step in Elon Musk's goal to transform X into an "everything app" that incorporates financial services.
X has launched X Money, a financial services platform, for its Premium and Premium+ subscribers in the US. The service includes deposit accounts, peer-to-peer payments, and a debit card, marking X's expansion into financial services as part of its "everything app" strategy.
X has officially launched X Money in the United States, moving the service beyond its invite-only beta. This financial service includes a deposit account, peer-to-peer payments, a Visa debit card, and Apple Wallet support for Premium and Premium+ subscribers. The launch expands X's offerings into financial services, integrating banking features directly within its social media platform.