Elon Musk’s payment platform, X Money, has entered limited external beta testing. Early screenshots from beta tester William Shatner reveal features like cashback on card purchases and a 6% annual yield on deposits, which are FDIC-insured up to $250,000. The service, a key part of Musk’s “everything app” vision for X, currently shows no sign of integrating cryptocurrency despite longstanding speculation.
Elon Musk’s new payment app, X Money, has rolled out limited external beta testing. Early screenshots shared by beta tester William Shatner show users can earn cashback on certain card purchases and a 6% annual percentage yield on deposits.
These deposits are held by Cross River Bank, an FDIC member, and are insured up to $250,000 per person. Musk stated in February that the app is intended to be “the place where all money is” and called it a “game changer.”
Shatner and X have auctioned beta invites to expand testing, selling 208 invites for $1,000 each as mentioned by the actor. Winning bidders, who must be U.S. residents over 18 with an active X account, receive a $25 welcome gift card and a metal X Money debit card from partner Visa.
The integration of cryptocurrency into X Money remains a mystery. Speculation has persisted due to Musk’s appreciation for Dogecoin, but no concrete integration has been announced.
This marks a return to payments for Musk, who founded X.com before it became PayPal. The company has secured money transmitter licenses in over 40 U.S. states to enable peer-to-peer payments on the platform.
