SAN FRANCISCO — Elon Musk said his social media platform X will introduce a new digital payments service called X Money next month, marking a major step in his effort to transform the platform into a broad financial and communications “everything app.”
Musk announced that early public access to X Money will begin in April, allowing users to start testing the service and its payment features within the X platform.
The new system is expected to enable users to send and receive money directly through the app, expanding X beyond social networking into digital financial services. The rollout represents part of Musk’s long-stated goal of building an integrated platform that combines messaging, social media and financial transactions.
Function as Digital Wallet
X Money is designed to function as a digital wallet that can move funds between traditional bank accounts and the platform, allowing real-time peer-to-peer payments. The service is also expected to be supported by payment infrastructure from Visa.
The move is the latest expansion for X since Musk purchased the company — then known as Twitter — for $44 billion in 2022 and rebranded it the following year. Musk has repeatedly said he wants X to evolve into a “super app,” similar to China’s WeChat, offering multiple services in a single platform.
Limited Details
Details about the payment service remain limited, but early versions could include person-to-person transfers, bank deposits and potentially other financial tools as the platform builds out its payments ecosystem.
The launch has also fueled speculation among cryptocurrency investors about whether digital assets could eventually be integrated into the system, though the initial version of X Money is expected to focus on traditional payment rails, according to analysts.
If successful, the payments push could create new revenue streams for X and position the platform as a competitor to established digital payment services such as PayPal, Venmo and Cash App, the analysts added.
