Featured Image Credit: LEON NEAL / Contributor / Getty
After years of teasing his plans to turn X into an 'everything app,' Elon Musk has officially launched X Money, designed to merge social media with banking and payments.
The service is rolling out with payment infrastructure built through Visa and is designed to handle peer-to-peer transfers and digital wallets.
For now, X Money is only available to Premium and Premium+ subscribers, ahead of a planned wider rollout.
According to American Banker, the service comes loaded with features including a 6% annual percentage rate on deposits, held and insured through Cross River Bank and 3% cashback on payments.
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Deposits held within X Money are insured by the Federal Deposit Insurance Corporation through a cash sweep program that spreads user balances across multiple partner banks.
Within the small pool of early users, X Money allows people to send money to any X account, link external bank accounts, and hold dollar balances directly inside the app.
Subscribers also receive a physical Visa debit card displaying their X handle as the card's identifier, usable anywhere Visa is accepted.
One early tester decided to test the peer-to-peer feature by sending $25 to the Tesla CEO.
Musk publicly confirmed receiving the payment on X, providing a very public proof of concept for the new feature within hours of launch.
X user Ryan Vogel shared that he requested $5,000 from the world's richest man through X Money. A follow-up screenshot showed that the request had been accepted, with the full $5,000 credited to his X Money balance, alongside an earlier $25 welcome bonus.
oh hell yeah https://t.co/1rLPFt6ioo pic.twitter.com/z31y2G6gqA
— vogel (@ryanvogel) June 30, 2026
However, according to Grok, the screenshot has been edited and is in fact fake - which several X users in the thread were quick to bring up.
"tell me this is edited so i feel less bad about this not happening to me," one user replied.
"WHAT REALLY?" another wrote while someone else commented: "this is not fair".
Musk has also hinted at future crypto integration for X Money, meaning Thursday's cash-based rollout may only be the first phase, with digital assets potentially joining later.
The launch comes alongside continued momentum for X's other recent release, XChat, which is already rising to the top of the App Store. X currently holds money transmitter licenses in more than 40 US states, but is still pending approval in the remaining states.
