X users can now send money, receive paychecks, pay bills, and use a Visa debit card without leaving the app.3 min readJul 28, 2026 08:28 AM IST First published on: Jul 28, 2026 at 08:28 AM IST ShareWhatsapptwitterFacebookX has started a nationwide rollout of X Money. (File Photo)X has begun a nationwide rollout of ‘X Money’, a new financial service built directly into its social media app for Premium and Premium+ subscribers.The launch marks one of Elon Musk’s biggest steps yet toward turning X into an all-in-one platform combining social networking, payments and everyday banking.What does X Money offer?The service includes deposit accounts, instant peer-to-peer payments, a Visa debit card, and direct deposit, all without leaving the app. Subscribers can send money to other X users through their handles with no transfer fees, pay bills, send wire transfers, mail physical checks, and receive paychecks. Eligible users may get their paycheck up to two days earlier than a traditional bank deposit.With 핏 Money, you get:• Free, instant transfers on 핏• Up to 6.00% APY• 3% cashback on eligible purchases with the 핏 Card• Early direct deposit — up to two days before your normal payday• Wires, checks, and free ATM withdrawals• Fast, dedicated support when you…— X Money (@XMoney) July 27, 2026The X Card, a Visa debit card linked to the service, offers 3 per cent cashback on eligible purchases, no foreign transaction fees, and free ATM withdrawals. It works anywhere Visa is accepted and supports digital wallets including Apple Pay and Google Pay. Security relies on passkeys rather than passwords, with users able to set transaction limits and add extra verification for certain payments.Premium+ subscribers can earn up to 6 per cent annual percentage yield on eligible deposits, while Premium subscribers can access the same rate after meeting direct deposit requirements.Who actually holds the money?X itself does not operate as a bank. Deposit accounts are held through Cross River Bank, an FDIC-member institution based in New Jersey, with standard FDIC insurance covering deposits up to $250,000 per depositor.Your money, on the world’s most powerful network핏 Money is rolling out to U.S. Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn— X Money (@XMoney) July 27, 2026X also runs a cash sweep programme that spreads customer balances across several partner banks, which it says can extend combined FDIC pass-through insurance up to $10 million, though this protection only applies under specific conditions if a partner bank fails. Visa powers the debit card network and instant transfers through Visa Direct, a partnership dating back to early 2025.Story continues below this adWhat are the current limits?The service currently supports only traditional currency, with no Bitcoin, stablecoin or blockchain-based transfers, though executives have said they’re open to adding stablecoin features later.Most Read1Seattle shooting: 3 killed, 5 injured near iconic Space Needle2‘No path forward except Jihad’: Khamenei’s direct message to Hezbollah3Kidnapped in Mali, Indian-origin diamond trader released after family pays Rs 44 crore ransom4‘Guardians of world’: Trump posts AI images showing US seizing Iranian tanker, striking Kharg oil terminal5Victims, suspects, motive: What we know so far about Seattle festival shooting61 killed in communal clash in Nepal’s India-bordering Sunsari; prohibitory orders imposedX Payments currently holds money transmitter licenses in 41 states and Washington, DC, but has not yet secured approval in New York or Massachusetts, where regulators are still reviewing its plans.Senator Elizabeth Warren raised concerns in April about consumer protections, financial stability and national security risks tied to the service, pointing to past FDIC enforcement actions against Cross River Bank in 2018 and 2023.Whether X Money can clear remaining regulatory hurdles and convince users to treat X as their main financial hub remains an open question.(With inputs from agencies)AdvertisementLoading Recommendations...Advertisement