Elon Musk’s push to transform social media firm X into an all-in-one digital platform has taken another step with the debut of X Money, a payments feature that lets users move money instantly between accounts on the social media platform.
The new service is not operated as a bank. Instead, X has partnered with Cross River Bank, which provides the regulated banking infrastructure behind the product. Such partnerships are common in the fintech industry, allowing companies to offer financial services without securing their own banking licenses.
READ: Elon Musk says Grok 4.6 is weeks away, Grok 4.7 to follow soon (July 28, 2026)
For now, access to X Money is limited to invited users who subscribe to X Premium. Those enrolled in the program will receive a Visa debit card carrying X branding, which can be used for cash withdrawals at ATMs and purchases anywhere Visa is accepted. The company said users will also be able to transfer funds to other X accounts in real time.
As part of its launch, X is promoting financial incentives to attract early users. Eligible customers can earn an annual yield of 6 percent on deposits and receive 3 percent cash back on qualifying purchases. To receive the advertised yield, users must keep at least $1,000 in their account while maintaining an active X Premium subscription, which starts at $8 a month. Over the course of a year, maintaining roughly $1,600 in deposits would offset the subscription cost.
READ: Elon Musk backs immigration, says ‘I’m not racist’ (July 24, 2026)
The expansion into payments builds on Musk’s early experience in the online finance industry. In the late 1990s, he founded X.com, an internet banking company that later became part of the business now known as PayPal after a merger.
X Money is entering a market already served by well-established payment platforms, including Venmo, Zelle and Cash App. Although the service is only beginning its rollout, it highlights Musk’s broader effort to expand X beyond social media into digital payments and financial services.