X has begun rolling out X Money, bringing payments, interest-bearing accounts and a Visa card directly into the social media platform.

The service is currently available to selected users aged 18 and over in the United States, with access expected to expand gradually. It marks a major step in Elon Musk’s effort to transform X from a social network into a broader platform combining communication and financial services.

Money Transfers Without Leaving X

X Money allows users to send money directly to other people on the platform. X describes the transfers as instant, free and without preset limits.

Users can also receive salary payments through direct deposit up to two days early. The account supports wire transfers, bill payments and checks, allowing several everyday financial transactions to be managed from within X.

Accounts Offer Up to 6% APY

The most eye-catching feature is an annual percentage yield of up to 6% on eligible balances.

The exact rate depends on the user’s X subscription and whether qualifying direct-deposit requirements are met. Premium+ subscribers are eligible for the 6% rate, while some Premium users may qualify after meeting additional conditions.

X notes that the rate is variable and could change. Fees may also reduce the amount users earn.

X Card Includes 3% Cash Back

X Money also introduces the X Card, which can be used wherever Visa is accepted.

The card offers 3% cash back on eligible purchases, carries no foreign transaction fees and provides reimbursement for ATM charges. X says ATM fees will be returned within three calendar days.

X Is Not Becoming a Bank

Despite offering services associated with conventional bank accounts, X Payments is not a bank.

Banking services are provided by Cross River Bank, while customer deposits are held at Cross River and other participating FDIC-insured institutions. Standard coverage is available up to $250,000, while an automatic cash-sweep program can spread funds across multiple banks and provide aggregate coverage of up to $10 million under specific conditions.

X Money does not eliminate the need for banks. Instead, it places bank-backed financial services inside a platform already used for social media, messaging and content.

Its significance lies less in any single feature than in the attempt to combine payments, savings-style returns and everyday spending within one social application.