Musk's payment business is starting to launch in the United States. X Money, a subsidiary of X, is now available to US users, with core features including Visa debit cards, instant in-app transfers, and integration with Apple Pay.
Offers debit card and in-app transfers
Users who activate the service will receive an X Visa debit card and can immediately add it to Apple Pay. X Money states that users can also make instant peer-to-peer transfers within the app without incurring transaction fees or transfer limits.
In addition to the digital card, users will also receive a physical debit card. According to X Money, this card does not charge international transaction fees and supports free cash withdrawals at ATMs worldwide.
Paid users can earn higher rewards
X Money also links its platform subscription system with financial services. Its introduction shows that X Premium+ users can obtain a 6% annualized return; regular Premium users can also obtain the same 6% interest rate if they connect their direct salary deposit account to X Money.
In addition, some purchases can earn up to 3% cashback. If users link their direct deposit account, funds may arrive several days earlier.
- The Premium+ subscription costs $40 per month or $395 per year.
- Premium subscriptions are priced at $8 per month or $84 per year.
- Cashback of up to 3% on select purchases.
Continuing Musk's vision of a financial platform
This product also continues Musk's financial services vision from many years ago. In 1999, he founded the financial services startup X.com, which later merged into PayPal.
After acquiring Twitter in 2022, Musk renamed the platform X and bought back the X.com domain. The launch of X Money in the US signifies his further integration of the social platform, payment tools, and membership system into a single product ecosystem.
