X has introduced a standalone app, X Chat, alongside a new payments service known as X Money. This service, previously tested amongst employees, is now being rolled out to select users through an unusual invitation method. Elon Musk collaborated with actor William Shatner to auction beta invites for X Money in exchange for charitable donations of $1,000 to Shatner’s charity, which benefits children and veterans.
On social media, Shatner has actively promoted the X Money service and the auction process. Musk engaged with Shatner’s posts, highlighting the service’s potential. The auction was conducted with Musk’s approval, following a playful transaction where he sent Shatner $42—an homage to the classic sci-fi reference in “The Hitchhiker’s Guide to the Galaxy.”
In total, 42 beta invites were granted to those who participated in the auction. Winners will receive notifications and can access the X Money service via the app, alongside their Premium link. They will also be among the first to get a metal debit card, courtesy of Visa, for the service’s person-to-person payment features.
This initiative is part of Musk’s vision of transforming X into an “everything app,” integrating features like messaging, payments, content creation, and subscriptions. Shatner indicated that the auction winners should check their profiles for a link to confirm their participation in the beta program.
Screenshots shared by Shatner revealed the X Money interface, which features tabs for accounts, rewards, and activity. Users can deposit funds, transfer money, and set up direct deposits, potentially earning an annual percentage yield (APY) of up to 6.00%. Deposits are secured through Cross River Bank, ensuring they are insured up to $250,000 per individual.
While X Money itself does not function as a traditional bank with FDIC insurance, it is in the process of acquiring money transmitter licenses across over 40 U.S. states. During a recent internal meeting, Musk noted that an external beta would soon roll out before a wider launch.
Additionally, X is evaluating whether to develop a distinct app for X Money to effectively compete with existing payment platforms such as Venmo or PayPal. Musk’s foray into payment solutions traces back to 1999 when he founded X.com, which ultimately became part of PayPal. After acquiring Twitter and rebranding it to X, Musk appears committed to realising his long-term aspirations in the digital payments sector.
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