X is integrating the payment methods of American creators into its own payment system. According to the platform's statement, creators will now receive payments through X Money, and the payment methods previously supported by Stripe have been replaced. The new system features instant credited payments, eliminating the need to wait until the end of the settlement cycle.

Change the payment method to instant credited account

Previously, creators of X would have their income settled every two weeks, and they had to reach a minimum threshold of $30 before they could withdraw money. Now, with the adoption of X Money, creators can receive their earnings directly, and the platform emphasizes that there are no longer any restrictions on payment periods or minimum withdrawal amounts.

However, from the wording of X's announcement, it seems that this adjustment by the platform may not have retained other payment options. This means that American creators may now need to uniformly use X Money, and will no longer be able to choose the previous Stripe channel. It is mentioned that X has been requested to provide further clarification on this matter.

Creator project synchronization adjustments

This payment switch occurred during the time when X was making adjustments to its creator projects. According to the plan, X will cease Creator Revenue Sharing Program on September 7th. The project stopped accepting new members last month.

The creator will subsequently transition to Original Content Rewards Program. According to the project name and platform description, the new plan will place more emphasis on original content creation, rather than continuing with the previous revenue-sharing model.

X Money Continues to expand services

X Money Earlier this month, support for creators to receive payments began. This service is part of Musk's efforts to transform X into a "superapp," and the current features include bank cards, 3% cashbacks, instant payments, free withdrawals, and other digital banking services.

However, X Money itself is not a bank. The relevant accounts are held by Cross River Bank, which is insured by the Federal Deposit Insurance Corporation of the United States.

X also stated that the amount paid by creators will be counted towards the direct deposit requirements necessary for X Money users to achieve a higher annualized yield. According to the official website information, X Premium users can currently obtain a rate of 6%, with the standard rate being 4%.

In terms of tax processing, after individual creators receive payments, X will issue a 1099- NEC form; for LLC, the platform will collect their W-9 information to ensure the accuracy of the tax form details.