X Money Launches: Your Wallet, Your Username

X Money, a key component of Elon Musk's vision to transform X into an 'everything app,' is now rolling out. This new payment platform offers users a digital wallet and peer-to-peer payment capabilities, akin to services like Venmo. A distinctive feature is the availability of a metal Visa card that can be personalized with a user's X username.

Additional benefits include support for Apple Wallet and complimentary money transfers within X. While X Money advertises an Annual Percentage Yield (APY) of up to 6 percent, this rate is exclusively for Premium Plus subscribers. Standard Premium subscribers can also achieve this rate by meeting specific deposit criteria.

The service, previously in an invite-only beta, is now accessible to X Premium and Premium Plus subscribers across the United States. This expansion follows Elon Musk's earlier announcement that early public access to the payment platform was scheduled for April.

Concerns about X Money's safety were previously raised by Senator Elizabeth Warren, who cited potential risks to consumers, national security, and financial system stability. Musk has consistently expressed his ambition to integrate financial services into X, stating in 2023 that any service involving money would be hosted on the platform.