X plans to launch its digital payments platform ‘X Money’ in 2025
TL;DR
- X CEO, Linda Yaccarino says X will launch, X Money, its financial payment service this year.
- X has secured payment licenses in 39 states but withdrew its New York application.
- Legal challenges and advertiser trust issues could hinder the adoption of X Money.
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X will introduce its digital payments service, X Money, later this year. Linda Yaccarino, X’s CEO, confirmed the company’s plan at her CES 2025, according to eMarketer.
Yaccarino in a tweet on New Year’s Eve said that the platform will plan to bring X Money in 2025. She emphasized the company's goal to "connect users in ways never thought possible." An official X Money account, @XMoney, created to represent the service currently has over 155k followers.
What X Money will offer
X Money will function as a financial hub, enabling peer-to-peer (P2P) transactions, fund storage, and transaction history. These features align with Elon Musk’s plan to make X an “everything app.” The service is expected to rival platforms like PayPal, Venmo, and WeChat Pay.
X faces licensing and legal issues
In 2023, Musk planned to launch X Payment before the end of 2024. In July 2024, it secured a money transmitter license in the District of Columbia and has obtained payment transmitter licenses in 38 U.S. states.
The platform withdrew its application in New York due to legal challenges. Opponents cited X’s alleged ties to Saudi Arabia and concerns over its suitability to operate financial services. However, a report from The Economic Times suggests the service may launch without securing licenses in all 50 states.
X may also face challenges in gaining consumer trust. The platform has struggled with keeping users since Elon Musk's takeover. Following the U.S. Presidential Election, dissatisfied users moved from the platform to alternative platforms Threads and Bluesky which gained 20 million users in November.
This mistrust could impact users' willingness to use X for financial transactions. However, with an estimated 51.8 million U.S. users in 2025, X Money has the potential to gain traction despite these hurdles.
Future expansion beyond payments
Following Musk’s vision for an “everything app,” X plans to diversify its offerings. In September, X introduced its TV app in Beta. Yaccarino confirmed the full launch of X TV in 2025. The platform is also also testing a new video conferencing feature.