X Money has begun rolling out to Premium and Premium+ subscribers in the US, adding deposit accounts, instant transfers and a Visa debit card directly to the social media platform.
summary
- X Money Offers Annual return up to 6% And free transfers between users.
- Qualifying X Card purchases can earn 3% cashbackwith the possibility of free withdrawal from ATMs as well.
- The Cash Sweep program provides eligible users Up to $10 million in FDIC coverage..
- X has not announced his support for Bitcoin, Dogecoin, or any other cryptocurrency.
X Money offers banking tools within the social platform
X Money combines peer-to-peer payments with financial services typically offered by banks and digital payment apps. Users can instantly send money to other X accounts without paying transfer fees.
The service also includes interest-bearing deposit accounts with annual returns of up to 6%. Eligible purchases made with the X Card, a Visa debit card linked to the account, can earn 3% cash back.
Subscribers can receive direct deposits up to two days early. Other features include bank transfers, checks, free ATM withdrawals, and access to dedicated customer support.
X described the launch as the first peer-to-peer payment service integrated directly into a US social media platform. The company also claimed to be the first US social network to combine insured deposit accounts, interest earnings, a debit card and broader payment tools within its main product.
The rollout is initially limited to Premium and Premium+ subscribers in the US. X did not provide a timeline for expanding the service to free users or international markets.
Cross River Bank operates the accounts and transfers
Cross River Bank provides the regulated banking infrastructure behind X Money. The bank holds customer deposits and connects the service to payment networks needed to move money.
Cross River operates an API-based banking system that supports accounts, transfers and compliance services. The bank said the infrastructure can serve X’s large user base and support additional financial products as the platform expands.
Individual deposits held directly at Cross River receive FDIC protection of up to $250,000. X Money also automatically places deposits into a cash sweep program that distributes customer funds among participating insured banks.
Eligible customers can obtain aggregate pass-through insurance through the FDIC of up to $10 million through this program. However, X Payments is not itself a bank or FDIC-insured institution.
Coverage only applies if the participating insured bank fails and the customer meets all applicable requirements. Users will therefore rely on core banks and survey program records to determine their eligibility.
X Money uses passkeys to authenticate accounts and allows customers to create individual transaction limits and additional approval requirements. Visa provides security protection and risk management for transactions completed using the X Card.
Musk has previously outlined broader propulsion ambitions
X’s owner, Elon Musk, has discussed turning the platform into a communications and financial services hub since acquiring the company, then called Twitter, in 2022.
During an internal meeting in October 2023, Musk described payments as covering more than just transfers between friends.
“When I say payments, I actually mean someone’s entire financial life,” Musk said.
He added that services involving money or securities could eventually operate through X, arguing that users may no longer need a traditional bank account. The new rollout of that plan is progressing, although its current features still rely on regulated banks and established payment networks.
Musk also announced in March that X Money would enter public early access in April. A broader rollout to eligible subscribers in the US follows that initial testing phase.
Bitcoin and Dogecoin remain outside of X Money
Musk has previously supported cryptocurrency payments through his other companies. Tesla Started accepting Dogecoin in exchange for select items In 2022, while Musk had previously suggested allowing users to pay for Twitter Blue subscriptions with DOGE.
He has also described Dogecoin as more suitable for routine transactions than Bitcoin, which he sees primarily as a store of value. Tesla I briefly accepted Bitcoin To purchase vehicles in 2021 before the option was suspended due to concerns about energy used in mining.
These comments have repeatedly fueled expectations that cryptocurrencies could become part of X’s payment system. However, X has not announced support for Bitcoin, Dogecoin, stablecoins, or any other digital assets within X Money.
Musk also rejected the idea of a cryptocurrency issued by X. In response to warnings about unauthorized tokens in 2023, he said that
Currently, X Money operates as a US dollar-based financial service supported by Cross River and Visa. Any future cryptocurrency integration will require a separate announcement from X.
