Elon Musk’s X to launch digital wallet, credit cards in new fintech push

Elon Musk is setting his sights on an entirely new frontier: your finances. After transforming industries from electric vehicles and space travel to social media, the world’s richest man is now planning to roll out financial services via his platform X—formerly known as Twitter.

The push is part of Musk’s ambitious plan to turn X into a “super app” similar to China’s WeChat. His goal is to create a platform where users can shop, store and send money, support creators, and even trade—all without leaving the app.

According to reports, X is gearing up to launch branded credit and debit cards, potentially as early as this year. The financial tools will debut in the United States before expanding to international markets. Visa has already signed on as the platform’s first payments partner.

The new service, dubbed X Money, will include a digital wallet and peer-to-peer payment options, effectively turning X into a fintech hub. “You will be able to go on X and conduct all your financial transactions on the platform,” said X CEO Linda Yaccarino during a session at the Cannes Lions International Festival of Creativity. She described the service as the cornerstone of “a whole commercial and financial ecosystem that doesn’t exist today.”

However, experts say the path to a finance-driven future for X won’t be smooth. Regulatory hurdles—ranging from money-laundering checks to licensing in different markets—could complicate the company’s expansion plans.

X is also working to recover its advertising business following the mass advertiser exodus that followed Musk’s takeover in 2022. Concerns over content moderation and brand safety had driven many marketers away, after some ads appeared next to controversial content.

Despite ongoing concerns, Yaccarino claims that 96% of advertisers who paused spending after the acquisition have returned. Market intelligence firm eMarketer estimates that X will bring in $1.9 billion in ad revenue in 2024, up from a post-acquisition dip, but still far below the $4.1 billion it earned in 2022.

The financial push comes as part of a broader product revamp. In December 2024, Yaccarino teased several upcoming features including X TV, X Money, and Grok, X’s in-house AI chatbot, hinting at a major transformation in 2025.

With a global user base, an aggressive product roadmap, and deep pockets, Musk is betting that X can become more than just a social media platform—it could be your next bank.

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