X Money, Elon Musk's Payment and Banking App, Enters Limited Beta Testing Ahead of 2025 Launch

X Money, Elon Musk's payment and banking app, has entered limited beta testing ahead of its planned 2025 launch.

Elon Musk’s X, formerly Twitter, has entered limited beta testing for its new payments and banking app, X Money.

“This will be a very limited access beta at first. When people’s savings are involved, extreme care must be taken,” Musk said in response to a May 25 post by Tesla Owners Silicon Valley.

The crypto community is closely watching the development of X Money, which Musk announced after buying X in 2022.

The platform’s peer-to-peer design suggests it could support crypto transactions alongside traditional banking features.

X Money App Beta Testing Begins As Planned 2025 Launch Approaches

The beta launch for X Money and subsequent confirmation by Musk comes after a series of reports earlier this year stated that the app might launch in 2023.

A January analysis of the X code had identified a 2025 launch for the service, which will function as a digital wallet where users can fund accounts from banks and then send and receive money similar to how they would with solutions like Venmo and other platforms.

The official X account for X Money also shows that the platform’s intended launch is set for 2025.

X has been actively trying to obtain multiple transmitter licenses for the payments platform across the US. So far, 42 such licences have been secured, according to the Nationwide Multi-State Licensing System.

X Money will also operate through a partnership with Visa, which will allow users to connect their debit cards for peer-to-peer transactions.

Excited for @Visa to help power @XMoney

— Cuy Sheffield (@cuysheffield) January 28, 2025

The service will function as a digital wallet where users can fund accounts from banks and then send and receive money similar to how they would with solutions like Venmo and other platforms.

Musk’s Payments Plans Criticized By Elizabeth Warren

Democratic Senator Elizabeth Varren has criticized X’s payment plans, in part because of Musk’s recent involvement in government.

“Musk has lost money hand over fist on X,” she said. “So he has this idea of X becoming a big money platform where he would get everyone’s personal financial data.”

X Money seemed to gain more steam after US President Donald Trump’s election win. After returning to the White House, Trump appointed Musk as the head of the Department of Government Efficiency (DOGE).

But Musk has said recently that he’s reducing his involvement in DOGE to spend more time on Tesla and his other ventures.