Still in Testing, X Money May Compete With PayPal and Support Crypto

Elon Musk has kicked off the limited test phase of X Money, a new digital payment and banking feature on his social media platform, X. The service is expected to launch officially in 2025, but for now, only a small group of users is trying it out.

Good to know

• X Money aims to become a digital wallet for payments, transfers, and possibly banking.
• X already holds 41 licenses to operate as a payment service across the United States.
• Crypto integration remains unconfirmed, but speculation continues.

In a post on X, Musk called the test a very limited trial, explaining that caution is essential because it involves people’s savings. “You need to handle that with extreme care,” he said.

The move is part of Musk’s long-term vision to turn X into an all-in-one super app, combining social media, video, messaging, and financial tools under single platform. Ever since acquiring Twitter in 2022, Musk has spoken openly about this goal.

What Is X Money?

X Money is designed as a digital wallet that could eventually handle more than just payments. The app may support sending money, possibly even cryptocurrencies, and over time, it might expand to include savings or investment tools. If that happens, it could become direct competitor to services like PayPal or Venmo. In 2024, X earned a money transmitter licence.

At this stage, Musk is keeping the testing pool small. That way, any issues can be addressed before rolling out the service to a broader audience.

Regulatory Steps and Pushback

Behind the scenes, Musk’s team is working to meet regulatory requirements in the United States. So far, X has obtained 41 licenses to legally operate as a payment platform across different states.

However, the project is not without controversy. Senator Elizabeth Warren has criticized Musk’s ambitions. She warned that Musk wants to turn X into a money machine that gives him access to personal financial data. Warren also accused him of trying to weaken the role of consumer protection agencies.

Crypto Integration Still Unclear

Rumors have been swirling that X Money might support cryptocurrencies like Bitcoin. While nothing has been confirmed, the idea would fit Musk’s history of supporting digital currencies. He has long denied this would happen, but it seems he has made a complete 180 on it now.

For people new to crypto, the integration of crypto tools into a widely used platform like X could lower the entry barrier and boost adoption. If X eventually enables crypto payments, it could become a key player in expanding everyday use of digital currencies.

For now, the test is limited. Musk has said he will expand it only once everything runs smoothly. It is still unknown whether users in countries like the Netherlands will be able to use X Money, but if Musk follows through on his plan, international access could be on the table in the future.