Elon Musk Takes Key Step Toward 'WeChat Dream' with Launch of 'X Money' Digital Wallet

Elon Musk, the world's richest man, has taken a crucial step toward his decades-long dream of an 'everything app.' Starting this week, X, the social media platform owned by Musk, has officially launched a new service called 'X Money' in the U.S. market.

In simple terms, 'X Money' is akin to a combination of China's familiar 'WeChat Pay' and 'Yu'ebao,' with the only difference being that the service is currently available exclusively to X's paid subscribers in the United States.

According to X, 'X Money' is not just an in-app digital wallet and payment channel within a social media application. It is underpinned by a virtual X Visa debit card, enabling fee-free, unlimited instant peer-to-peer transfers within Apple Pay, Google Pay, and the X app.

'X Money' users can also apply for a physical X Visa metal debit card engraved with their social media nickname. The company claims this card incurs no foreign transaction fees, allows free cash withdrawals at ATMs worldwide, and offers up to 3% cashback on certain purchases.

'X Money' represents the realization of Musk's decades-long ambition. In 1999, he founded the fintech startup X.com, which merged into PayPal during the early internet bubble. After acquiring Twitter in 2022, Musk rebranded the platform as X and repurchased the X.com domain.

Since acquiring Twitter, Musk has repeatedly expressed his desire to transform this social platform into a WeChat-like 'everything app,' with financial services being an indispensable component.