X Money Payment System: Elon Musk's "Everything App" Vision Takes Shape

Elon Musk announced Tuesday that X Money, the digital payments service integrated into his social platform X (formerly Twitter), will roll out to early public access next month. Posted on X on March 10, this marks the most concrete step toward Musk's goal of evolving the app into an all-encompassing "everything app."

From Closed Beta to Public Rollout

In a February xAI "All Hands" presentation, Musk disclosed X Money was already in closed beta with X staff. "We expect to go to a limited external beta in the next month or two, then worldwide to all X users," he stated, hailing it as "the central hub for all monetary transactions" and a "game-changer." True to form, early March saw actor William Shatner auction 42 beta invites for $1,000 charity donations to kids and veterans, with Musk testing by sending him $42—a "Hitchhiker's Guide" reference. A second batch of 166 followed as demand surged.

Features and Robust Financial Backbone

Beta screenshots show a PayPal and Cash App rival: a sleek black Visa debit card, instant P2P transfers via Visa Direct, 6% APY on deposits, and cashback rewards. Funds are held at FDIC-insured Cross River Bank, protected up to $250,000 per user. X Payments holds money transmitter licenses in over 40 U.S. states.

The "Everything App" Ambition

X Money anchors a wider finance suite. Product head Nikita Bier teased "Smart Cashtags" for timeline-based stock and crypto trades, clarifying X won't broker. Crypto ties, including Dogecoin buzz, remain unconfirmed. Echoing his 1999 X.com origins (PayPal's precursor), Musk envisions: "This is where all the money will be."

With 600 million+ monthly users, the launch could shake up payments giants.