X Launches Peer-to-Peer Payments with No Crypto Support

X Money, the peer-to-peer payment service launched by X (formerly Twitter), is now available to US users. The feature set allows for money transfers between users, bill payments, and management of deposits directly within the app. This marks a significant development in Elon Musk's 'everything app' ambitions.

The platform has partnered with Cross River Bank to provide embedded banking infrastructure and Visa for real-time funding and transfers through its Visa Direct system. Deposits are FDIC-insured, offering federal protection similar to traditional bank accounts.

X Money is currently available in over 40 US states, with a basic feature set covering P2P transfers, bill payments, wires, and a Visa debit card. The service is exclusive to X Premium and X Premium+ subscribers for now.