Elon Musk's vision of transforming X into an "everything app" may finally be moving closer to reality.
After months of speculation, new reports suggest that X Money, the platform's upcoming financial service developed in partnership with Visa, could launch in limited form before the end of April.
X Money Could Offer Cashback And Savings Features
According to Bloomberg, X Money may launch with several aggressive incentives aimed at competing with traditional banking and finance apps.
The service was first teased last year when X announced plans to build a digital payments and personal finance ecosystem directly inside the platform.
While official details remained limited for months, recent reports indicate that internal testing is already underway, with select users receiving early access.
Among the rumored features are high-yield savings accounts offering up to 6% interest and free peer-to-peer money transfers within the X ecosystem. On top of that, there's a 3% cashback reward on eligible purchases.
If accurate, the reported savings rate would significantly outperform the average savings account yield currently available in the United States.
The platform is also rumored to include an X-branded metal debit card personalized with a user's @ handle. In addition, reports suggest the service may integrate AI-powered financial management tools developed by xAI.
Elon Musk Continues Push Toward The 'Everything App'
Musk has repeatedly stated that he wants X to become far more than a social media platform, according to Gizmodo.
After rebranding Twitter to X in 2023, he described the service as the foundation for an "everything app" capable of combining communication, entertainment, payments, and financial tools within a single ecosystem.
The billionaire previously claimed users would eventually be able to manage their "entire financial world" directly through X.
Regulatory Challenges Still Remain
Despite growing anticipation surrounding the launch, X Money still faces several regulatory hurdles before a public rollout can happen.
Financial service platforms operating in the United States must secure authorization across all 50 states, a process that reportedly slowed development. Lawmakers have also begun scrutinizing the project more closely.
Elizabeth Warren recently questioned X regarding consumer protections and financial safeguards tied to the upcoming platform, signaling that regulatory pressure could intensify as the service expands.
In the meantime, check why Elon Musk hid Tesla Optimus V3 details ahead of its launch.
Originally published on Tech Times
