X, formerly Twitter, launches banking service X Money in the US

The online platform X, formerly known as Twitter, has introduced a new banking and payment service named X Money in the United States. This expansion is part of owner Elon Musk's broader strategy to transform X into an "everything app" that integrates numerous aspects of users' daily lives.

Launched on Monday, X Money is accessible to users who subscribe to X's Premium or Premium+ paid tiers. The service enables users to deposit funds, settle bills, initiate transfers, and send money to each other instantly and without charge, all directly within the X application.

Since acquiring the platform in October 2022, Musk has consistently pursued the vision of broadening X's functionality beyond social media. The introduction of financial services marks a significant step in this direction, aiming to consolidate various user needs onto a single platform.

This development positions X to compete in the digital payments and financial services sector, leveraging its existing user base to offer integrated banking solutions. The service's immediate availability to premium subscribers suggests a phased rollout strategy.