Elon Musk’s social media platform X officially launched “X Money” on Monday, a new banking and financial services feature that brings the billionaire entrepreneur closer to his long-stated goal of creating an “everything app.”
Mashable reports that the new X Money service provides comprehensive banking and financial capabilities directly within the X platform, currently available exclusively to paying X Premium and Premium+ subscribers. The service integrates peer-to-peer payments, money transfers, deposit accounts, and a physical Visa debit card into the social media experience.
According to X’s announcement, X Money enables users to conduct everyday financial transactions within the app as they would with a traditional bank account. The service supports wire transfers, check mailing, bill payments, and direct deposit for paychecks. Users can also send and receive money to anyone else on the X platform. The company claims that users can receive their paychecks up to two days early through direct deposit.
A key component of the service is the X Card, a physical Visa debit card that offers three percent cash back on eligible purchases and fee-free ATM withdrawals at locations worldwide. The card integrates with digital wallet services including Apple Pay and Google Pay, allowing users to make contactless payments