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X Money, a core part of Elon Musk’s mission to turn X into an “everything app,” is rolling out starting today, 9to5Mac reports. The payment platform offers a digital wallet and peer-to-peer payments similar to Venmo, along with a metal Visa card users can emblazon with their X username. Other perks include Apple Wallet support and free money transfers on X. It also advertises “up to” a 6 percent APY, but only Premium Plus subscribers are eligible for it — standard Premium subscribers have to deposit a certain amount of money to get a “boosted” 6 percent APY.
X Money was previously limited to an invite-only beta, but will now be available to X Premium and Premium Plus subscribers in the US. The launch comes a few months after Elon Musk said “early public access” for the payment platform was launching in April.
Earlier this year, Senator Elizabeth Warren raised safety concerns about X Money, writing that it could pose risks to “consumers, our national security, and the stability of the financial system.” Launching a payment platform on X has been a mission of Musk’s for a while now — in 2023, he said during an X staff meeting that, “If it involves money, it’ll be on our platform.”