X Money is rolling out to US subscribers, bringing peer-to-peer digital payments and high-yield savings incentives to Elon Musk’s social media platform according to reports by 9to5Mac. The payment feature integrates a digital wallet similar to Venmo, a metal Visa card customizable with an X username, Apple Wallet support, and fee-free transfers directly within the platform.
Eligibility and Savings Rates for Subscribers
Access to X Money is currently limited to users subscribed to X Premium and X Premium Plus in the US following an invite-only beta phase. According to 9to5Mac, the platform advertises an annual percentage yield (APY) of up to 6 percent, though eligibility depends on the user’s tier. Premium Plus subscribers qualify directly for the rate, while standard Premium subscribers must deposit a certain amount of money to unlock the boosted 6 percent APY.
Regulatory Scrutiny and Platform Expansion
The rollout follows months of development aimed at transforming X into an “everything app.” In 2023, Elon Musk stated during a staff meeting that, “If it involves money, it’ll be on our platform.” However, the expansion has drawn political scrutiny. Earlier this year, Senator Elizabeth Warren raised safety concerns regarding the financial feature, writing that it could pose risks to “consumers, our national security, and the stability of the financial system.”
Frequently Asked Questions
What features are included with X Money?
X Money includes a digital wallet, peer-to-peer payments, a customizable metal Visa card, Apple Wallet integration, and free money transfers on X, according to 9to5Mac.
Who can access the X Money rollout?
The feature is available to US-based X Premium and X Premium Plus subscribers who previously had access only through an invite-only beta.
How do users qualify for the 6 percent APY?
Premium Plus subscribers are eligible for the advertised rate automatically, whereas standard Premium subscribers must deposit a certain amount of money to secure the boosted yield.
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