Elon Musk plans to transform X into a multi‑purpose platform by launching a financial services feature set this month, starting with X Money, a banking and payments tool inside X (formerly Twitter) outlined by Bloomberg.

Promised features include 3% cash back on eligible purchases, 6% interest on cash savings, free peer‑to‑peer transfers, a metal Visa debit card, and an AI assistance layer to monitor spending.

Industry skepticism remains about whether X can become users’ primary bank or deliver frictionless commerce, even with one‑click buying capabilities.

Regulators and political figures, including Elizabeth Warren, have raised concerns about Musk’s history and the security of X Money’s model, prompting ongoing inquiries.

X Money would facilitate transfers, payments, and savings with AI assistance integrated into the service.

The initiative represents a significant expansion for X, arriving roughly three and a half years after Musk acquired Twitter.

The new reporting and timeline come from Bloomberg, aligned with Musk’s stated schedule for an imminent U.S. rollout.

X Money aims to turn X into an “everything app” with integrated financial services, including a metal Visa debit card personalized with an X handle and an AI concierge built by xAI to help track spending.

Regulators are scrutinizing the venture, with licensing seeps across all 50 states a work in progress—X currently holds licenses in 44 states as it faces safety, business model, and capital-adequacy questions from state authorities.

Early testers noted that some creators receiving payments on X may be moved to X Money from Stripe, potentially building an initial user base, though rollout timing and terms remain unclear.

There are open questions about how long the high savings rate will last, the full feature set, pricing, and how X Money would handle scenarios like account suspensions or profile bans.

The plan envisions a super app integrating payments with social features so users could conduct most daily activities inside X, a concept likened to WeChat.