X Launches Payment Platform in US
X, formerly Twitter, is launching its X Money payment platform in the United States starting today, expanding its ambitions to become an "everything app."
X, the social media platform rebranded from Twitter, began rolling out its X Money payment service across the United States on Wednesday. The move marks a significant step in CEO Elon Musk's stated goal of transforming X into a comprehensive "everything app."
X Money offers users a digital wallet for peer-to-peer transactions, positioning it in competition with services like Venmo. The platform also supports integration with Apple Wallet and provides a physical Visa card that can be customized with a user's X handle. The company highlighted free money transfers as a key feature for users within the X ecosystem.
The service also advertises a potential Annual Percentage Yield (APY) of up to 6 percent. However, this high rate is exclusively available to subscribers of the Premium Plus tier. Standard Premium subscribers may be eligible for a boosted rate, contingent on maintaining a certain deposit balance.
Previously, X Money operated under an invite-only beta system. Its wider availability in the US signifies a broader push into financial services, aiming to capture a larger share of digital transactions and further integrate its user base into a unified platform.