X Corp

Fintech · Social Media

Launch

X launches X Money banking service to US Premium subscribers

The rollout tests whether users trust a social network with paychecks and deposits, not just posts.

• X began rolling out X Money on July 27, 2026 to US X Premium and Premium+ subscribers, moving the service beyond its earlier invite-only beta.
• X Money is a digital wallet and peer-to-peer payments platform built into the X app, combining deposit accounts, a Visa debit card, and banking-style features similar to Venmo or Cash App.
• Users get free instant transfers, up to 6% APY, 3% cashback on the X Card, early direct deposit up to two days before payday, wires, checks, and free ATM withdrawals.
• Deposit accounts are held at Cross River Bank with FDIC insurance up to $250,000, plus a cash sweep program extending coverage up to $10M; X Payments LLC itself is a licensed money transmitter, not a bank.
• Elon Musk has pursued payments-on-X since acquiring Twitter in 2022, telling staff in 2023 'if it involves money, it'll be on our platform,' and promising 'early public access' to X Money back in April.
• Sen. Elizabeth Warren has raised safety concerns this year that X Money could pose risks to consumers, national security, and financial system stability.
• By tying banking perks to paid subscriptions, X is using financial services as a retention lever for Premium, a strategy that could reshape how social platforms monetize beyond ads and could pressure incumbents like PayPal and Venmo on creator and freelancer payments.