X launches X Money payments app in the US

X is launching X Money, a payments app, for paid X subscribers in the United States. Signing up gets users a digital X Visa debit card that can be added immediately to Apple Pay, letting them make instant peer-to-peer transfers within the app with no fees and no limits. X Money says users will also receive a physical version of the X Visa debit card, which carries no foreign transaction fees and offers free cash withdrawals at ATMs worldwide.

How much a balance earns depends on subscription tier. X Premium+ subscribers, who pay $40 a month or $395 a year, are eligible for 6% APY. X Premium subscribers, who pay $8 a month or $84 a year, can unlock the same 6% rate by linking a direct deposit to their X Money account. X Money also says users can earn up to 3% cash back on certain purchases, and that linking a direct deposit lets them access that money a few days early.

The launch marks the latest step in a goal Musk has pursued for more than two decades. He founded X.com as a financial-services startup in 1999; the company later merged into what became PayPal. After acquiring Twitter in 2022, Musk renamed the platform X and bought back the X.com domain name. Since the acquisition, he has repeatedly said he wants to turn X into an “everything app,” and the rollout of X Money is part of that ambition.

Why it matters

X Money puts a bank-like product directly inside X’s paid subscription tiers, testing whether Musk can convert subscription revenue into a financial-services business — echoing the path X.com took before it became PayPal.