X is expanding its offerings with the introduction of X Money, a new payments service currently in beta testing. In a unique twist, invitations to this service are being distributed through a charitable auction led by none other than actor William Shatner, in collaboration with X owner Elon Musk.
Shatner has been actively promoting the X Money service on social media, explaining that participants can secure an invite by donating $1,000 to his charity, which supports children's and veterans' organizations. The auction, which kicked off recently, has generated significant buzz, with Musk himself sharing Shatner's posts and expressing enthusiasm about the service's potential.
Winners of the auction will be among the first to access X Money, with the service integrated into the X app, appearing just below the Premium link. They will also receive an exclusive metal debit card linked to their X Money account, a collaboration with Visa that facilitates person-to-person payments.
This initiative is part of Musk's vision to transform X into a comprehensive platform, often referred to as an "everything app." The goal is to combine messaging, payments, content creation, and subscriptions into one seamless experience.
Shatner shared insights into the X Money interface, which features tabs for Account, Rewards, and Activity, along with functionalities for money transfers and deposits. Users will also have the option for direct deposit to earn annual percentage yields (APY), with some reports indicating rates as high as 6.00% APY.
Deposits made through X Money will be held by Cross River Bank, ensuring FDIC insurance coverage up to $250,000 per individual. While X Payments is not an FDIC-insured bank, it is actively acquiring money transmitter licenses across the United States, already securing approvals in over 40 states.
As X continues to innovate, the potential for X Money to evolve into its own standalone app remains on the table, positioning it to compete with established players like Venmo and PayPal. Musk's long-standing interest in payment systems dates back to the founding of X.com in 1999, which eventually became part of PayPal. Following his acquisition of Twitter in late 2022, Musk rebranded the platform to X, reflecting his commitment to innovation in digital finance.