Elon Musk finally launched X Money Monday for US Premium and Premium+ subscribers after years of delays, offering a competitive 6 percent annual yield and cashback rewards. However, the service faces significant limitations: peer-to-peer payments only work between X Money users aged 18+, and the X Card cannot be used nationwide via Google Pay or Apple Pay because X lacks money transmitter licenses in New York and Massachusetts—two of the largest financial markets.

Payments expert Daniela Hawkins of Capco warned that inconsistent acceptance creates friction, making adoption "bumpy." Users also risk losing access if X goes down or accounts are flagged; withdrawals can be frozen for up to 180 days. Support relies on in-app chat after Musk slashed teams in favor of bots.

X Money is not a bank but an intermediary. Its New York license application was withdrawn in 2024 after a law firm alleged X was "unfit" due to "deep ties" to Saudi Arabia. New York blocked public disclosure of related records. Musk's "everything app" vision faces an uphill battle, as even Apple, Google, and Facebook failed to dominate payments.