Elon Musk’s social media platform X, previously known as Twitter, has introduced a new financial service called X Money, designed to enable users to send money to one another in real time. The product functions similarly to a bank account but is not a bank itself. Instead, X Money relies on the technology and banking services of Cross River Bank, which supports the service under the X Money brand.

Currently, X Money is available by invitation only and limited to paying members of X’s premium subscription service, which costs at least $8 per month. Users who join the service will receive an X-branded Visa debit card, which can be used at any ATM. The service allows immediate transfer of funds between X users within the platform.

To attract customers in the competitive digital payments space, X Money offers a 6 percent annual yield on deposits and 3 percent cashback on eligible purchases. However, to qualify for the high yield, customers must deposit a minimum of $1,000 into their account and maintain an active premium subscription. Given that the cost of X’s premium services is deducted from the balance, a total deposit of at least $1,600 is necessary to cover both the subscription fee and meet the deposit requirement.

The launch reflects Musk’s longer-term vision of transforming X into an “everything app” that integrates social media, commerce, and financial services. Musk’s experience in financial technology dates back to the creation of X.com, one of the earliest online banking ventures, which eventually became part of PayPal.

X Money enters a crowded market dominated by well-established peer-to-peer payment platforms such as PayPal’s Venmo, Zelle, and Cash App. As the service is still in its early stages and limited to select users, its broader impact and adoption remain to be seen.