SAN FRANCISCO — Social media platform X has expanded access to its X Money digital payments platform, making the service available to a subset of U.S. subscribers in the highest tier of its premium subscription offering as the company prepares for a broader launch.
Dhruv Batura, head of X Money, said in a post on X that the rollout to select Premium+ users is intended to gather feedback and address any issues before the service becomes more widely available.
Benji Taylor, head of design at X and xAI, also previewed the platform in a video posted on X, saying X Money already includes “a ton of great features and perks.”
Free ATM Withdrawals
According to the video, X Money offers accounts for everyday spending, saving and sending money, along with a custom metal Visa debit card that includes free ATM withdrawals and no foreign transaction fees.
The platform also allows users to pay rent, send wire transfers, mail paper checks and make peer-to-peer payments. Users can earn interest on deposits with no minimum balance requirement, according to the company.
Auto Enrollment in Sweep Program
X said the service is secured using passkeys, and customer funds are automatically enrolled in the X Cash Sweep Program, which provides access to up to $10 million in Federal Deposit Insurance Corp. coverage. Deposits are held at Cross River Bank, a Member FDIC, and other FDIC-insured institutions, according to the company.
X first announced plans for X Money in January 2025 as part of owner Elon Musk’s long-term vision of transforming the social media platform into a “super app” that integrates financial services with social networking.
New Offering on its Way
Later that month, X announced a partnership with Visa, making the payments company the first partner for X Money accounts. The companies said the partnership would enable instant funding of X Wallet accounts through Visa Direct, allow users to link debit cards for peer-to-peer payments and provide instant transfers from X Money accounts to bank accounts.
