X has introduced X Money, an integrated digital wallet and peer-to-peer payment system, now available to US Premium users. This new service lets users send money, pay bills, manage deposits, and even use a Visa debit card, blurring the lines between social media and traditional banking.
How X Money works and who it's for
This feature is exclusive to X Premium and Premium+ subscribers. Those with access can perform wire transfers and benefit from an FDIC-insured deposit account powered by Cross River Bank. Visa manages instant transactions through its Visa Direct network, ensuring a smooth payment flow. Currently, X Money is operational in over 40 US states, offering essentials like P2P transfers and bill payments.
The crypto gap in Elon Musk's vision
The launch is notable because it contains zero cryptocurrency support. Given Musk’s high profile in the crypto world, many expected some form of digital asset integration, but X Money stays strictly traditional. This move stands out especially since other fintech players are increasingly enabling crypto payments. Meanwhile, Coinbase shifts focus toward growth beyond regulatory hurdles, highlighting divergent approaches in the industry.
The ambition mirrors China's WeChat, where messaging and payments coexist smoothly except X lacks digital currency options for now. Discussions about payments started as early as January 2024, and the Visa partnership was announced a year later, signaling Musk’s commitment to expanding X’s capabilities.
This content is for informational purposes and not financial advice.
