Elon Musk Launches X Money Debit Card as Social Network Expands into Finance

Elon Musk's social media platform X, formerly known as Twitter, has officially entered the financial sector with the limited launch of X Money. This new financial platform offers users deposit accounts, peer-to-peer money transfers, and a debit card, aligning with Musk's vision to transform X into an "everything app." Currently, the service is available only to Premium and Premium+ subscribers aged 18 and over in the United States, following a beta phase that operated by invitation only.

X Money is fully integrated within the X app, providing users with both digital and physical metal debit cards customizable with their X username. The service includes partnerships with Visa and Apple Wallet and offers benefits such as up to 6.00% APY interest, 3% cashback on select purchases, no foreign transaction fees, and early paycheck deposits. However, interest rates and cashback eligibility vary based on subscription level and deposit amounts, with some exclusions in the rewards program.

Although X Payments LLC is not an FDIC-insured bank, user funds are held at Cross River Bank, an FDIC member, ensuring deposit insurance under U.S. regulations. This expansion into financial services is part of X's broader strategy to evolve beyond social networking into a multifunctional platform, with the initial rollout limited to a select user base in the U.S. The service is not available in Israel.

This move follows earlier indications that X was developing payment services to broaden its offerings. The launch of X Money marks a significant step toward realizing Musk's ambition of creating a comprehensive app that integrates social media and financial tools.