Elon Musk prepares the public launch of X Money to develop an everything app.
Early testers report the service offers a 6% interest rate on savings. The platform features 3% cash back on select purchases and peer-to-peer transfers. X Money will issue a Visa debit card to compete with established fintech firms.
The service has not yet secured money transmitter licenses in all 50 U.S. states. X currently holds licenses in 44 states. Regulatory approval remains pending in key markets including New York and Massachusetts.
Analysts question the viability of the super-app model in the U.S. market. Musk’s history of missed deadlines contributes to uncertainty regarding the nationwide rollout timeline.