X Money Could Add Banking, Transfers and AI Assistant to X
More than three years after acquiring X, Elon Musk is close to launching X Money, a payments and banking service built into the platform, according to a Bloomberg report. The feature is said to be nearing early public access, in line with timelines Musk shared earlier, as he continues to push his vision of turning X into an “everything” app.
X Money is expected to offer peer-to-peer transfers, a personalised metal Visa debit card, and an AI-powered assistant developed by xAI that can track spending and sort transactions, based on feedback from early users. The service is also said to include promotional perks such as up to 3 percent cash back on eligible purchases and a savings interest rate of around 6 percent, although it is unclear whether these benefits are permanent or promotional.
Musk has previously indicated that payments are central to X’s long-term strategy. He has reportedly drawn comparisons with platforms like WeChat, which combine messaging, commerce, and financial services in one app, and has suggested that users could eventually manage much of their daily life within X.
Several details about X Money, including pricing, the complete feature set, and a wider rollout timeline, remain unclear. The platform is also said to be facing regulatory hurdles, as it has not yet secured payment licences in all US states, including New York, where lawmakers have reportedly raised concerns about consumer protection and oversight.
The report noted that industry analysts have expressed scepticism about the product’s prospects. Peer-to-peer payments are typically seen as a low-margin feature, and experts say long-term success would depend on whether X can position itself as a primary banking platform. Some have also pointed out that X currently lacks seamless in-app purchasing tools, which are considered essential for scaling commerce.
X is said to have certain advantages, including a large global user base and an existing creator payment ecosystem. According to the report, creator payouts may be shifted from Stripe to X Money, which could help establish an initial base of active users. Early testers have reportedly used the service to send payments through chats and user profiles.
Regulatory approvals have reportedly slowed the rollout. Operating a payments platform in the US requires licences across all states, and X is said to have secured approvals in most but not all regions. Regulators have also reportedly sought detailed explanations of the company’s financial structure, security measures, and governance during the review process.
Notably, Musk has previously outlined timelines for the project that have been delayed. X Money is now reportedly nearing an initial rollout, though details around its execution, regulatory compliance, and broader adoption remain unclear.
