Elon Musk\u2019s \u201ceverything app\u201d vision is one step closer to reality, though not yet for everyone.<\/p>\n
X Money<\/a>, the payments\/financial services app linked to the trillionaire\u2019s social media platform, went live<\/a> Monday (July 27), but only for premium subscribers at the moment.<\/p>\n The new offering includes peer-to-peer payments<\/a> and money transfers from within X, as well as a deposit account, and the X card, physical Visa debit card. The company has said the platform offers users the ability to \u201cpay anyone, any way,\u201d such as paying rent, sending a wire, mailing a check or paying friends.<\/p>\n X Money is not insured by the Federal Deposit Insurance Corporation<\/a> (FDIC), though deposits are held at Cross River Bank<\/a>, an FDIC-backed lender.<\/p>\n Creating an \u201ceverything app\u201d has been one of Musk\u2019s long-held goals. Years before Twitter\u2014later renamed X\u2014existed, Musk launched a payments company known as \u201cX.com<\/a>\u201c that eventually became PayPal<\/a>.<\/p>\n The road to bringing X Money to life has been a long one. Musk said in 2023 that he expected X to have a financial services function by 2024<\/a>.<\/p>\n The launch of X Money comes as consumers increasingly embrace digital banking methods<\/a>, as PYMNTS Intelligence research has shown. Digital banks are now the main primary financial institution for 13.8% of U.S. consumers, just ahead of local banks and not far behind regional banks and credit unions<\/a>, the research found.<\/p>\n \u201cNational banks still dominate, but fewer than half of consumers say a national bank is their main provider,\u201d PYMNTS wrote earlier this year.\u00a0\u201cThe rise of digital banks<\/a> is not evenly distributed across the population. It is driven by younger adults, lower-income households and people without college degrees who appear to value convenience and mobile-first access over branch networks.\u201d<\/p>\n Millennials make up the core of this group, with more than half of digital bank users coming from that age cohort, or from Generation Z (which itself makes up the largest group of X users).<\/p>\n On the opposite end of the generational spectrum, baby boomers and seniors account for just 17% of digital bank users, well below their share of the wider banking population.<\/p>\n