Venmo and Cash App. The social media platform X has announced it will soon launch its own digital wallet service.
According to an X post from Elon Musk on March 10, the new payment platform will become available to a limited segment of the public starting in April. Dubbed "X Money" by Musk, the service is expected to function similarly to other digital wallets. Users will likely be able to fund their X Wallet from a linked bank account and send or receive payments to and from other users. Based on various previews, it appears customers could earn a substantial 6% APY on their balance and may also receive cash-back debit cards. However, despite the imminent launch, many details about X Money remain unclear, including specifics on how to earn interest or rewards within the account. What is X Money? X Money is currently in beta and not yet available to the general public, so much about the service is still unknown. According to details shared in a 2025 post from former X CEO Linda Yaccarino, it will be a digital wallet service with features comparable to Venmo or PayPal. As an X Money user, you will likely have an X wallet that you can fund by connecting your bank account. You can then instantly transfer money to other users, receive payments, and move your balance back to your bank. Based on early screenshots posted by X Money beta user William Shatner, here are some additional features of the beta version: Users can set up direct deposits to their X wallets You can earn cash back on eligible debit card purchases Balances in your wallet can earn 6% interest *Is X Money a bank account?** X Money is not a bank account. It is a digital wallet where you can transfer money from your bank accounts, store funds, and send money to other X Money users. However, X Money is partnered with Cross River Bank to provide the financial infrastructure supporting deposits and payments. Does X Money really pay 6% on deposits? The beta version of X Money appears to pay 6% APY on dollars held in the account. However, the terms and conditions are not yet public. For instance, it is unclear if the 6% rate will apply to all balances or if there will be a minimum balance requirement to open an account or qualify for that rate. After the product launches and early adopters sign up, it is quite possible the interest rate could decrease. X Money accounts may also have variable interest rates, meaning the rate can adjust up or down at any time. Is X Money FDIC-insured? Deposits held in the beta version of X Money are FDIC-insured up to $250,000 through Cross River Bank. This means that, as a beta user, your deposits are backed by the U.S. government. Therefore, even if X were to go out of business, you could be reimbursed for funds held in an X Wallet. When will X Money launch? According to the latest statements from Elon Musk, X Money may be available to some members of the public this year. That said, Musk has a history of announcing products and timelines prematurely—a phenomenon some refer to as being on "Elon Time." Here is an overview of what has been stated about the X Money launch timeline so far: *May 2022:** In a pitch deck for Twitter investors, Musk claims the company will generate $15 million in revenue from a payments business in 2023. *October 2023:** In a call with employees, Musk states he expects X to launch a payments feature by the end of 2024. *January 2025:** An X post from then-CEO Linda Yaccarino announces the product will debut in 2025. *February 2026:** In an xAI all-hands meeting, Musk mentions a limited version is in beta testing. He also publicly invites actor William Shatner, who later posts screenshots from his X Money account. *March 2026:** Musk says in an X post that "early public access" will launch in April. Is X Money safe? It is too early to tell how secure your money will be in an X Wallet. While beta users currently have FDIC insurance for their funds, no information is available about other security infrastructure that will be in place to protect your transactions, your linked bank account information, and defend against data breaches. Some X users have also expressed concerns about whether individuals who have their accounts suspended or banned on X will lose access to their X wallets. X has not publicly commented to address this concern. How does X Money compare with high-yield savings accounts? It is difficult to compare X Money to high-yield savings accounts (HYSAs) because the terms and conditions for X Money have not been disclosed yet. X Money accounts will likely be similar to HYSAs in that they offer the potential to earn above-average interest rates on some or all of your account balance. Here is how we expect X Money and HYSAs to compare: