Musk Announces X Money Payment System to Enter 'External Beta' Within Two Months
Elon Musk has announced that X Money, the platform's upcoming payment feature, will enter a limited external beta phase in the coming months as the company advances its vision of building an 'everything app.'
Elon Musk's forthcoming payment platform, X Money, which represents a critical component of his ambitious "everything app" vision, is set to debut in a "limited beta" format within the next two months, with a full-scale rollout to X's global user base to follow thereafter.
The tech billionaire disclosed this updated launch schedule during a Wednesday presentation at his AI company's "All Hands" event, where he revealed that X Money is currently operating "in closed beta within the company."
"This is intended to be the place where all money is. The central source of all monetary transactions," he said, calling it a "game changer."
Payments part of X's "everything app"
The payment system is being positioned as a critical forthcoming capability designed to enhance X's indispensability to users, aligning directly with the platform's broader "everything app" ambitions, with financial transactions serving as a fundamental element to drive regular user activity.
The billionaire entrepreneur pointed out that while the platform boasts 1 billion installed users, the actual monthly active user count hovers around 600 million on average.
X Money, which had been the subject of launch speculation throughout last year, is anticipated to be embedded directly within the X platform itself, which seeks to consolidate social networking, messaging, content consumption, and financial services into one unified application, drawing comparisons to China's WeChat.
"As we give people more reasons to use the X app, whether it's for communications, or for Grok, or for X Money [...] we want it to be such that if you wanted to, you could live your life on the X app," said Musk.
The push for integrating payments into X has been a priority for Elon Musk since the period immediately following his Twitter acquisition in 2022. This concept has roots in his entrepreneurial history from 1999, when he was a co-founder of X.com, which operated as an online banking service before merging with Confinity to form what eventually became PayPal, a company that eBay subsequently purchased.
Whether cryptocurrency will play a role in X Money remains unclear at this stage. While Musk has publicly expressed support for Dogecoin (DOGE) in the past, the initial launch appears to prioritize traditional fiat currency given the company's established partnership with Visa. However, according to information from the Blockchain Council, cryptocurrency support is planned for future implementation.
xAI expands Macrohard data center
During the same presentation, Musk emphasized the company's artificial intelligence expansion efforts, asserting that xAI possesses the capability to "deploy more AI compute faster than anyone else."
The entrepreneur presented details about the company's "Macroharder" artificial intelligence data center located in Memphis, Tennessee — representing an extension of the current facility that incorporates an additional 220,000 graphics processing units.
"All this will be training the [AI] models that you experience. It's absolutely fundamental to have large-scale training compute in order to get the best models," he said.