Last year, X announced a partnership with Visa aimed at creating some kind of personal finance ecosystem within App X. Last month, it was easy to overlook Musk claiming that this banking and payments platform within X, apparently called “X Money”, was programmed to some form of limited public publication in the month of April.
As I write this, it is April 26th.
Like Bloomberg pointed out On Sunday, that timeline theoretically means the launch of some kind of X-based personal finance feature will arrive in a matter of days.
Of course, it’s up to you whether or not to take Elon Musk’s word for the launch timeline, but Bloomberg says people have been testing the service and say it has “competitive advantages,” like 3% cash back on certain transactions and apparently a savings account option that offers 6% interest, which Bloomberg estimates is 15 times the average savings account interest rate in the US.
Other details about the service apparently include an
In some circles, “X, the everything app” has become a sarcastic way of referring to the social ecosystem within Elon Musk’s app, usually when some awful trend is born there. But it’s easy to forget that it comes from something Musk tweeted in July 2023 (the year after he bought Twitter).
“Twitter was acquired by X Corp both to ensure freedom of expression and to accelerate X, the app for everything,” Musk wrote. He added: “In the coming months, we will add comprehensive communications and the ability to manage your entire financial world.”
He also said that “we must say goodbye to the bird” in that same post, and for what it’s worth, it was a promise kept.
Bloomberg notes that such a financial app must be licensed in all 50 states, which has reportedly slowed things down for X Money.
Massachusetts Senator Elizabeth Warren sent a letter to Musk earlier this month asking a long list of questions about X’s plans related to consumer protection within the X Money feature. The letter hints at the possibility of future regulatory scrutiny, particularly under a presidential administration less friendly to Musk.
