Elon Musk to launch X Money financial service

Elon Musk is moving away from the idea of turning X into a single super-app and is rolling out standalone services instead. After the XChat messenger, the next product is a payment tool called X Money, Bloomberg reports.

X Money is set to go live in the United States before the end of April. At launch, it will offer fee-free money transfers, 3% cashback on selected purchases, and a 6% interest rate on savings — a rate that few American banks currently match.

The service has already been tested with a group of US users. Additional features include an AI concierge for managing personal finances and a metal Visa card carrying the user's X social network ID.

Regulatory approval remains the main obstacle. The required licences have not yet been issued in several US states, including New York. American lawmakers have questioned whether Musk should be trusted to handle citizens' money.

Musk is not new to the sector — he was one of the founders of PayPal. X has 600 million monthly active users, giving the service a sizeable potential customer base. The company also plans to switch creators who earn revenue on the platform from Stripe to X Money.