Move over Venmo and Cash App. Social media site X has announced it will soon have its own digital wallet service. According to an X post from Elon Musk on March 10, X’s new payment platform will be available to some members of the public starting in April.
The service, which Musk is calling “X Money,” will likely be similar to other digital wallets. As a user, you’ll be able to fund your X Wallet from a bank account and send and receive payments to and from other users. Per various previews, it appears users can earn a generous 6% APY on their balance, and they’ll get cash-back debit cards.
But despite the impending launch, there’s still a lot we don’t know about X Money, including details on how to earn interest or rewards with your account.
X Money is still in beta and not yet available to the general public, so there’s a lot we don’t know about the service. According to details shared in a 2025 post from former X CEO Linda Yaccarino, it will be a digital wallet service with features similar to Venmo or PayPal.
As an X Money user, you’ll likely have an X wallet you can fund by connecting your bank account. Then, you can instantly transfer funds to other users, receive payments, and transfer your balance to your bank account. Based on early screenshots posted by X Money beta user William Shatner, here are a few other features of the beta version:
Users can set up direct deposits to their X wallets
You can earn cash back on eligible debit card purchases
Balances in your wallet can earn 6% interest
X Money is not a bank account. It’s a digital wallet where you can deposit money from your bank accounts, store funds, and transfer money to other X Money users. However, X Money is partnered with Cross River Bank to provide the financial infrastructure behind deposits and payments.
The beta version of X Money appears to pay 6% APY on funds held in the account. However, the terms and conditions are unknown. For example, it’s unclear if the 6% rate will apply to all balances or if there will be a minimum balance requirement to open an account or qualify for that rate.
After the product is launched and early-adopters sign on, it’s certainly possible the interest rate will drop. X Money accounts may also have variable interest rates, meaning the rate can adjust up or down at any time.
Deposits held in the beta version of X Money are FDIC-insured up to $250,000 through Cross River Bank. That means that, as a beta user, your deposits are backed by the U.S. government. So even if X goes out of business, you can be reimbursed for money you had in an X Wallet.
Read more: Is it safe to store money in apps like Venmo, PayPal, and Cash App?
According to the latest statements from Elon Musk, X Money may be available to some members of the public this year. With that said, Musk has a history of jumping the gun with product announcements and timelines — a phenomenon some have called being on Elon Time.
Here’s an overview of what’s been said about the timeline for the X Money launch so far:
May 2022: In a pitch deck for Twitter investors, Musk claims the company will bring in $15 million in revenue from a payments business in 2023.
October 2023: In a call with workers, Musk says he expects X to launch a payments feature by the end of 2024.
January 2025: An X post from then X CEO Laura Yaccarino says the product will debut in 2025.
February 2026: In an xAI all-hands meeting, Musk says a limited version is in beta testing. He also publicly extends an invitation to actor William Shatner, who later posts screenshots from his X Money account.
March 2026: Musk says in an X post that “early public access” will launch in April.
It’s too soon to tell how safe your money will be in an X Wallet. While beta users currently have FDIC insurance for their funds, there’s no information available about other safety infrastructure that will be included to protect your transactions and your linked bank account information, and protect against data breaches.
Read more: Is it safe to link your bank accounts to financial tools and apps?
Some X users have also expressed concerns about whether or not people who have their accounts suspended or banned on X will lose access to their X wallets. X hasn’t publicly commented to address this concern.
It’s difficult to compare X Money to high-yield savings accounts (HYSAs) since the terms and conditions for X Money haven’t been disclosed yet.
X Money accounts will likely be similar to HYSAs in that they give you the potential to earn above-average interest rates on some or all of your account balance. Here’s how we expect X Money and HYSAs to compare:
Until we know more about X Money and how it works, there are plenty of high-yield savings accounts on the market — provided by reputable banks and credit unions — that can help you earn competitive interest rates on your cash in the meantime. Here’s a look at some of the best rates available today:
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