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Cross River Bank will provide the banking infrastructure behind X Money, bringing peer-to-peer transfers, interest-bearing deposit accounts and a Visa debit card into the X social media app.
The service is rolling out to selected U.S. users aged 18 and older. X Payments will operate the interface, while deposits and regulated banking functions will sit with Cross River and partner banks.
X Money Rolls Out to Selected U.S. Users
X Money allows users to transfer funds to other people on X without leaving the platform. The product also supports direct deposit, bill payments, domestic wires and mailed checks, extending the service beyond a basic digital wallet.
Cross River will connect those features to its API-based banking core and payment rails. Visa will support the X Card and card-linked functions, including purchases and ATM access.
X Card Offers 3% Cashback on Eligible Purchases
X says eligible card purchases will earn 3% cashback. The card has no foreign transaction fee under the current terms. ATM charges are also reimbursed under the product’s current terms.
Those benefits place the X Card alongside the account and transfer features as part of a broader financial-services rollout inside the social platform.
Up to 6% APY Depends on Subscription and Direct Deposit
Eligible users can earn an annual percentage yield of up to 6%. The rate depends on subscription status and direct deposit requirements.
Premium+ subscribers qualify for the top advertised rate, while some Premium users must meet additional conditions.
The conditional structure means not every X Money user will receive the highest advertised deposit rate.
Deposit Sweep Can Provide Up to $10M in FDIC Coverage
Deposit accounts are held at Cross River, an FDIC-insured bank. Funds automatically enter a cash sweep program that distributes deposits among participating network banks.
That structure can provide up to $10 million in aggregate pass-through insurance when conditions are met. X Payments is not a bank.
FDIC protection covers the failure of an insured institution rather than losses caused by fraud, investment performance or problems at the technology platform.
X Money Launches Without Crypto or Stablecoin Payments
Cross River said its infrastructure can support additional products as X Money expands. Neither company identified the next services or gave a timeline for opening the platform to every U.S. user.
The launch advances Elon Musk’s plan to add financial services to X after years of work on state money-transmitter licenses and payment partnerships.
No cryptocurrency, stablecoin, or blockchain payment feature has been announced for X Money. The immediate rollout is focused on dollar accounts, bank transfers, peer-to-peer payments and Visa card spending.
