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📂 **Category**: Apps,Fintech,Social,Elon Musk,payments,X,x money
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The standalone X Chat app isn’t the only new service X is testing this week. The company also began offering invitations to specific users of the X Money payments service, which had previously been tested internally among X employees. However, these invitations were not distributed in the usual way. Instead, X owner Elon Musk worked with William Shatner (yes, the actor) to invite people into the beta in exchange for a $1,000 donation to Shatner’s charity, which supports children’s and veterans’ organizations.
On X, the “Star Trek” actor shared information about the X Money service and its beta invites, which were made available via an online auction on Monday. Musk reshared one of Shatner’s posts on his personal page, simply saying “X Money.” Musk also retweeted another user’s post about X Money, adding: “This is going to be big.”
Shatner noted that the auction was conducted with Musk’s blessing after Shatner received payments from Musk via the X Money app. (A screenshot showed Musk sending him $42, a fun sci-fi reference: the number is in Douglas Adams’s The Hitchhiker’s Guide to the Galaxy, a calculated answer to the meaning of life.)
X also offered 42 invitations to the X Money beta to those who donated in the auction.
After receiving a notification, auction winners will be able to see a link to the X Money service appear in the app, just below the Premium link. They will also be among the first to receive a metal X Money debit card with their own username from X partner Visa, which helps boost the person-to-person payments aspect of the service.
The addition of X Money to X is part of Musk’s plan to make the social network more of an “app for everything,” offering a variety of features, including private messaging, payments, creator content, subscriptions, video, and more.
Screenshots Shatner posted on X showed the X Money interface with three tabs: Account, Rewards, and Activity, along with buttons for making deposits, sending money, and placing orders. Screenshots showed that users also have the option to set up direct deposit to earn APY. (One screen showed the option to earn up to 6.00% APY.)
User deposits are held by Cross River Bank, member FDIC, and are insured for up to $250,000 per individual, according to a screenshot posted by Shatner.
X Payments itself is not an FDIC-insured bank, but it has been collecting money transfer licenses throughout the United States. X now has licenses in more than 40 US states, and at
With X Chat, the company is not only launching a new link within X, but is testing giving the messaging service its own standalone app. X Money will likely have its own app as well to better compete with others in this space, such as Venmo, PayPal, and Cash App.
Musk’s interest in payments spans decades, having founded an online financial services startup called X.com in 1999, which was later merged into the company that became PayPal. After acquiring Twitter in October 2022, Musk renamed the company X less than a year later, in honor of his early beginnings.
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