Elon Musk launches X Money with Visa card and 6% yield

Elon Musk has launched X Money, a financial services platform integrated into the X social media network, debuting with a Visa-branded debit card and high-yield features. The service, currently operating on an invite-only basis, offers users a 6% annual percentage yield (APY) on balances and enables real-time peer-to-peer transfers between accounts. High-yield accounts and Visa integration The new financial product includes a physical and virtual Visa debit card, allowing users to spend their X Money balances at any merchant accepting Visa globally. The 6% yield significantly exceeds the 0.46% national average for savings accounts in the United States, positioning the platform as a direct competitor to traditional digital banks and fintech firms like Revolut and Chime. X Money facilitates instant fund transfers between users, moving the platform closer to Musk’s stated goal of creating an "everything app." The service is powered by X Payments, which has secured money transmitter licenses across dozens of U.S. states throughout 2024 and 2025 to enable domestic currency movement. Phased rollout and global eligibility The launch is timely as X seeks new revenue streams beyond digital advertising. While the initial rollout is restricted to a selected group of invited users in the United States, the company indicates that broader access will follow as additional regulatory approvals are finalized. Users who receive an invite can activate their accounts through the X app and…