X Launches Digital Finance App X Money

Social media platform X has launched a digital finance application called X Money for paying subscribers in the United States. According to Tech Crunch, users will receive a Visa debit card that can be added directly to Apple Pay for making payments or transferring funds between X Money users instantly, with no fees and no transfer limits. In addition to the digital card, users will also receive a physical Visa debit card that claims to charge no foreign transaction fees and offers free cash withdrawals via ATM networks in various countries. Premium+ subscribers, who pay 40 US dollars per month or 395 US dollars per year, are entitled to an annual percentage yield (APY) of 6 per cent. Meanwhile, Premium subscribers paying 8 US dollars per month or 84 US dollars per year can enjoy the same annual interest rate if they set up direct deposit into their X Money account. The launch of X Money is part of owner Elon Musk’s long-term ambition to bring financial services into the platform’s ecosystem. In 1999, Musk founded the financial services company X.com, which later merged and evolved into PayPal. After acquiring Twitter in 2022, he renamed the platform X and repurchased the X.com domain name. Since the acquisition, Musk has repeatedly expressed his desire to develop X into an all-encompassing application that combines social media with various digital services, including financial services.