Elon Musk’s X launches banking features in push for ‘everything app’

Neena Mae Rayos, Philippine Canadian Inquirer
July 28, 2026

(Screen grab from X)

WASHINGTON – In a major step toward Elon Musk’s vision of transforming X into a comprehensive “everything app,” the social media platform has officially launched X Money, a banking service for all US Premium and Premium+ subscribers.

Expanding beyond a limited beta that began in late June, the new feature enables users to manage deposits, send peer-to-peer payments, pay bills, execute wire transfers, and mail checks entirely within the app.

These funds are held at Cross River Bank, a New Jersey-based institution frequently partnered with fintech firms, and are protected by FDIC insurance up to $250,000.

Mirroring the all-in-one functionality of China’s WeChat, X Money aims to compete directly with established players like PayPal’s Venmo and Block’s Cash App by offering an annual percentage yield of up to 6%, significantly outpacing both traditional banks and many high-yield savings accounts.

While Premium+ members automatically qualify for the top rate, standard Premium users must meet specific direct-deposit criteria to access the highest returns.