Elon Musk is advancing plans to roll out X Money, a built-in payments and banking system for his social media platform, as part of a broader effort to transform X into a hub for both communication and everyday financial activity, according to Bloomberg.
The initiative, which has been under development since Musk acquired Twitter—now rebranded as X—in October 2022, represents a major shift from the platform’s original role as a social network into a more expansive digital ecosystem.
Users who have tested early versions of the service report features such as roughly 3% cash back on select purchases, a savings yield approaching 6%, and free peer-to-peer transfers. That interest rate stands far above standard U.S. bank offerings—about 15 times higher than what most banks provide—though X has not clarified whether those rates will remain in place long term.
The platform is also expected to roll out a debit card connected to user accounts, along with an artificial intelligence-based system designed to monitor spending, categorize transactions, and provide personalized financial insights, functioning much like a digital financial assistant.
Musk’s aim is to keep users engaged within the app not only for social interaction, but also for handling their financial lives.
If successful, the platform would merge social networking and financial services in a way no major U.S. company has yet accomplished on a large scale.
Musk has repeatedly emphasized that payments are central to his long-term vision for X, telling employees he wants the platform to play a key role in how users send, spend, and store money in their daily lives.
Despite that ambition, industry analysts and payments experts remain cautious.
Some highlight gaps in the current system, particularly the absence of a seamless one-click checkout feature, which is widely viewed as essential for building a competitive e-commerce platform.
Without that capability, critics say X may struggle to convert user engagement into significant transaction volume.
As Richard Crone, founder of Crone Consulting LLC and longtime payment sector analyst, put it: “He [Musk] doeson’t have a one-click buy — and he needs that or e-commerce on his site will lag.”
Others point to trust as an even greater hurdle.
While users may quickly adopt simple peer-to-peer transfers, persuading them to rely on X as a primary financial account presents a far more difficult challenge, requiring strong regulatory compliance, reliability, and confidence in how funds are managed.
The rollout has already encountered regulatory obstacles.
Launching a nationwide payments system requires licensing across all 50 states, and although X has secured approvals in 44 states so far, it is still working to obtain authorization in several key areas. In some states, lawmakers have raised concerns related to oversight and consumer protections.
Even with those challenges, Musk enters the space with a significant advantage: a massive user base.
X already serves hundreds of millions of users, including content creators who receive payments through the platform, many of whom are expected to transition to X Money and help establish initial usage.
Early testers have already used the system to send payments through profiles and direct messages, indicating that the core infrastructure is already functioning.
Important details—including pricing, the full scope of services, and the timeline for a full national rollout—have yet to be finalized.
Still, the direction is clear: Musk is betting that integrating financial tools into a social platform will drive deeper user engagement and unlock new revenue opportunities.
If adoption grows, X Money could quickly evolve from a supplementary feature into a central component of both the platform and how many Americans manage their finances.
{Matzav.com}