X Launches X Money Financial Services Across United States

New York: (News Desk) – Social media platform X has officially launched X Money, a new digital financial service for users across the United States, allowing eligible subscribers to access banking and payment features without leaving the app.

According to the company, the service became available to Premium and Premium+ subscribers in the US on July 28, marking another milestone in Elon Musk’s plan to transform X into an “everything app.”

Following a limited pilot phase, X Money is now being rolled out to millions of users. The platform enables customers to deposit funds, transfer money to other users without transfer fees, pay bills, send wire transfers and even issue physical checks directly through the app.

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X has also introduced a Visa debit card that functions like a traditional bank card, allowing users to manage their finances entirely within the X platform without relying on a separate banking application.

The company said customer funds will be held at Cross River Bank, an FDIC-member institution, providing federal deposit insurance of up to $250,000 per customer. X also introduced a cash sweep programme that can distribute eligible funds among partner banks, potentially increasing FDIC insurance coverage to as much as $10 million under qualifying conditions.

According to X, Premium+ subscribers can immediately earn a 6% annual percentage yield (APY) on eligible deposits, while Premium subscribers can qualify for the same rate after meeting specified direct deposit requirements.

Industry analysts say the offered interest rate is higher than many traditional savings accounts and several high-yield savings products, positioning X Money as a competitor to established financial technology platforms such as Venmo, Cash App and SoFi.

At present, X Money is available only in the United States, and the company has not announced when the service will expand to other countries.