Bloomberg News reported on the 26th (local time) that X, the social media (SNS) platform run by Tesla Chief Executive Elon Musk, is set to launch a new financial service this month. The move is seen as an attempt to grow X into an "all-in-one app" that encompasses multiple functions, from SNS and payments to artificial intelligence (AI).
According to the report, X plans to begin an initial public test of "X Money," the bank and payment platform built within X, this month. Users with early access said X Money offers free person-to-person transfers, a custom Visa debit card engraved with the user's X ID, and an xAI-based AI assistant that tracks expenditure and organizes past transaction histories.
It also offers 3% cash back on certain purchases and a 6% interest rate on cash deposits. The 6% interest rate is about 15 times the U.S. average rate.
Musk sees payment functionality as the key to building a "super app." He previously told employees, "I want to make it so you can handle everything you need in life with a single X app." The "super app" Musk is targeting is a platform like China's WeChat, where users can handle payments, ride-hailing, and airline ticket bookings all within X.
Bloomberg said, "If this financial service is launched successfully, X Money will establish itself as a new type of platform that combines SNS and finance," adding, "However, because the super app model has yet to take hold in the United States, the details—such as the official launch timing of X Money, pricing policy, and full functionality—remain to be seen."