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X Money launches in the X app via Cross River Bank and Visa

X Money is a built-in payments feature that partners with FDIC-backed Cross River Bank and Visa, positioning it against peer to peer rivals like PayPal and Cash App.

Reported · Written up by our desk · Fund Industry

Elon Musk’s X Money is now available as a payments feature built into the X app, according to ETF Trends, with the service built on partnerships with FDIC-backed Cross River Bank and Visa.

The payments push aims squarely at the peer to peer and digital payments space, where apps such as Venmo, Cash App and PayPal already have established positions, the outlet said.

ETF Trends also contrasted the different approaches in the market, citing Venmo’s social style, Cash App’s more business oriented framing, and PayPal’s broader online acceptance as it outlined where X Money could compete.

The article places the launch in the broader trend of mobile-first banking and neobanks, and notes that some of those models rely on partner FDIC-insured banks rather than being licensed banks themselves.

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