Elon Musk-owned X has started rolling out X Money. This is a new financial service from the company for users in the United States. With this, the comapny has expanded the fianancial platform beyond its invite-only beta. The service is initially available to X Premium and Premium+ subscribers in US and combines banking features, peer-to-peer payments and a Visa debit card within the X app.X Money lets users send and receive money, hold deposit accounts, use a virtual or physical Visa card and add the card to Apple Wallet. The launch is part of Musk’s broader plan to transform X into an “everything app” by bringing financial services alongside social networking. The US rollout marks the first wider availability of X Money after an invite-only beta that began earlier this year.The company described the service on X, writing, "With 𝕏 Money, you get:• Free, instant transfers on 𝕏• Up to 6.00% APY• 3% cashback on eligible purchases with the 𝕏 Card• Early direct deposit — up to two days before your normal payday• Wires, checks, and free ATM withdrawals• Fast, dedicated support when you need it"The company added, "Security is at the core of 𝕏 Money:• Your Money account is secured with passkeys for safe and fast authentication• Set custom limits and require authentication for the transactions you choose• Every card transaction is protected by Visa’s security and risk management capabilities• FDIC insurance up to $10M through our Cash Sweep Program""Deposit accounts are held at Cross River Bank, Member FDIC, and insured up to $250,000. Deposits are automatically enrolled in a cash sweep program, which provides up to $10M of aggregate FDIC pass-through deposit insurance coverage, across participating FDIC-insured network banks, subject to limits. Certain conditions must be satisfied for deposit insurance coverage to apply, see terms: money-support.x.com/en/i/faq#fdic-insurance-and-sweep-program. X Payments LLC is not an FDIC-insured bank. Deposit insurance only covers the failure of an insured bank," the company further noted.What X Money offersX Money combines several financial features inside a single service. With this, users can:Open a deposit account held at Cross River Bank, Member FDICSend, receive and request money instantly from other X users without transfer feesReceive direct depositsPay billsSend wire transfersMail physical checksWithdraw cash from ATMs without feesAccording to X, eligible users can also receive their salary through early direct deposit, with pay arriving up to two days before their normal payday.Visa card, Apple Wallet and cashbackEvery X Money user receives a virtual X Card, which can be added to Apple Pay through Apple Wallet. The service also supports Google Pay. Subscribers can order a physical metal Visa debit card, customise how their name appears on the card and choose whether to display their X username.The Visa card can be used anywhere Visa is accepted. Eligible purchases earn 3% cashback, and the card does not charge foreign transaction fees.Interest rates and subscriber benefitsX Money is available only to Premium and Premium+ subscribers in the United States.According to the company:Premium+ subscribers can earn up to 6% APYPremium subscribers can also reach the 6% APY after meeting direct-deposit requirementsNew users joining the service may also receive a $15 welcome deposit, according to X.Service launches amid regulatory scrutinyX launches its service as it moves into the finance sector. This year, US Senator Elizabeth Warren cautioned that there were potential risks to "consumers, national security, and financial stability" with the introduction of X Money.Building financial services into X has been one of Musk’s stated goals since acquiring the platform. During an X staff meeting in 2023, he said, “If it involves money, it’ll be on our platform.”With X Money now rolling out across the US, the company has begun integrating payments, banking features and debit card services directly into its social media platform for eligible subscribers.