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

Elon Musk has just taken one more step towards turning X into "the everything app."

On Monday, Musk's social media platform X announced the launch of a new service on the platform called X Money. 

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What is X Money? The new service on X basically provides banking and financial services for paying X Premium and Premium+ subscribers right within the app. X Money includes peer-to-peer payments and money transfers within the X platform, 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, X Money users will be able to conduct a variety of everyday transactions directly within X, just as they would with any other bank account. Some core functions of X Money include:

• Sending wire transfers

• Mailing checks

• Paying bills

• Paycheck direct deposit

• Send and receive money to anyone on X

X also says that users can get paid up to two days early with direct deposit.

Premium+ subscribers on X are immediately eligible for 6% APY, whereas X Premium subscribers can also reach that rate after meeting Qualifying Direct Deposit requirements. 

X Money's Visa Debit Card, which the service is calling the X Card, will provide 3% cash back on eligible purchases and no-fee cash withdrawals at any ATM worldwide. X Card supports digital wallets such as Apple Pay and Google Pay as well.

Deposit accounts are held with X Money partner Cross River Bank, Member FDIC and insured up to $250,000.

Musk has long planned to launch an X Money-type service within the X app. The owner of the social media platform certainly has experience in the industry. Before X was a social media platform formerly known as Twitter, Musk ran a payment services company called X that later merged with PayPal in the early dot-com era. Musk has long had a goal of creating a true "everything app," according to biographers and other sources.

Musk previously claimed that it would "blow his mind" if his social media company didn't launch financial services within X by the end of 2024. X Money went through an initial test phase earlier this year and is now rolling out to a subset of its user base in the U.S. with plans to further expand in the near future.