X Money Launches US Rollout for Premium Subscribers
Social media platform X has begun a US rollout of its financial services platform, X Money, following an invite-only beta. Available to adult Premium and Premium+ subscribers, the service includes digital wallets, peer-to-peer transfers, and a physical metal Visa card. While proponents highlight features like a 6 percent APY and FDIC-insured deposits through partner institutions, critics like Senator Elizabeth Warren have previously raised financial stability concerns.
Key points
- X, the social media company formerly known as Twitter and led by owner Elon Musk, has initiated a US rollout for its financial services platform, X Money.
- The service provides digital wallets, peer-to-peer money transfers, and a physical metal Visa card that can feature the user's X handle.
- Users over the age of 18 with X Premium or Premium+ subscriptions can access the platform, which offers perks including up to a 6 percent APY and 3 percent cashback bonuses.
- Although X Payments LLC is not an FDIC-insured bank, customer deposits are held at Cross River Bank, providing FDIC insurance coverage for balances.
- Senator Elizabeth Warren previously expressed safety concerns, warning that the financial platform could threaten consumer protection, national security, and financial system stability.
Social media network X has officially launched a public US rollout for X Money, its long-anticipated financial services platform. Following an invite-only beta phase, the service is now accessible to adult users subscribed to the platform's Premium and Premium+ tiers. The rollout represents a major step in Elon Musk's ongoing strategy to transform the platform formerly known as Twitter into a comprehensive "everything app."
Designed to compete with established peer-to-peer transfer apps like Venmo, X Money features deposit accounts, direct deposit capabilities, and integration with Apple Wallet. Subscribers can request a physical, customisable metal Visa debit card displaying their X username alongside a digital version. Additional advertised features include zero foreign transaction fees, cashback bonuses up to 3 percent, and a boosted annual percentage yield reaching up to 6 percent, though top-tier rates require specific subscription levels or minimum deposit thresholds.
The venture has raised questions among lawmakers regarding regulatory oversight and financial security. Earlier this year, Senator Elizabeth Warren voiced concerns that integrating financial services into the social media platform could present risks to consumers, national security, and overall financial stability. To address security concerns regarding deposits, X Payments LLC utilizes partner institution Cross River Bank—a member of the Federal Deposit Insurance Corporation—to ensure user balances remain insured, despite X itself not holding a direct banking license.
Sources
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