Elon Musk’s social media platform X has expanded its X Money banking service to all U.S. subscribers of its paid Premium and Premium+ plans, marking another step in the billionaire’s push to transform the platform into an “everything app.”
Initially rolled out to a limited group of users in late June, X Money allows customers to hold deposits, make peer-to-peer payments, pay bills, transfer funds via wire services and send checks directly through the X app.
Deposits are held through New Jersey-based Cross River Bank and are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000.
According to the company, deposits can earn an annual percentage yield (APY) of up to 6%. Premium+ subscribers are eligible for the highest rate, while Premium subscribers must meet direct-deposit requirements to qualify.
With X Money, the company aims to compete with digital payment platforms such as PayPal’s Venmo, Block’s Cash App and SoFi by leveraging its large user base. Musk has long said he wants to turn X into a platform similar to China’s WeChat, which integrates messaging, shopping and payments into a single application.
The rollout has also drawn scrutiny from U.S. lawmakers.
Sen. Elizabeth Warren questioned how X Money plans to sustain its high APY and raised concerns over previous regulatory actions involving Cross River Bank.
