Elon Musk's X launches X Money, a banking and finance service

Elon Musk's social media platform X announced Monday the launch of X Money, a banking and finance service integrated into the app. X said the service provides banking and financial services for paying X Premium and Premium+ subscribers within the platform. X Money includes peer-to-peer payments and money transfers within X as well as a deposit account. Users will also receive the X Card, a physical Visa debit card for ATM withdrawals and in-person transactions. According to the announcement post, users can conduct everyday transactions such as sending wire transfers, mailing checks, paying bills and setting up paycheck direct deposit. Premium+ subscribers are immediately eligible for 6% APY while Premium subscribers can reach that rate after meeting qualifying direct deposit requirements. The X Card offers 3% cash back on eligible purchases and no-fee cash withdrawals at any ATM worldwide. Deposit accounts are held with partner Cross River Bank, Member FDIC, and insured up to $250,000. The service went through an initial test phase earlier this year and is now rolling out to a subset of users in the U.S. with plans to expand further. Musk previously ran a payment services company called X that merged with PayPal in the early dot-com era.