Elon Musk Launches X Money Banking Platform This Month

Elon Musk is set to launch X Money, a new banking and payments platform integrated into the social media site X, as the company advances toward creating an "everything app" in the United States. The service, which early users have begun testing, is expected to debut for limited public access this month, more than three years after Musk acquired the platform formerly known as Twitter.

X Money offers several consumer-focused features designed to handle everyday financial tasks within the app. These include 3 percent cash back on eligible purchases, a 6 percent interest rate on cash savings, and free peer-to-peer transfers. Users will also receive a metal Visa debit card customized with their X handle, along with an AI concierge developed by Musk's xAI startup to monitor spending habits and categorize transactions. The platform supports instant funding through Visa Direct and allows money transfers between accounts and wallets without leaving the app.

Musk, who co-founded PayPal and has long championed integrated financial services, views payments as essential to building a super app akin to China's WeChat, which combines messaging, commerce, and banking. In February, he told...