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…