Elon Musk Unveils New Digital Payments Platform 'XMoney'

The platform is designed as an 'Everything App' for peer-to-peer transactions and digital wallet services.

Mar. 11, 2026 at 6:50pm

Got story updates? Submit your updates here. ›

Elon Musk, the CEO of Tesla and SpaceX, has announced the upcoming launch of a new digital payments platform called XMoney. The platform, which is an offshoot of the social media platform X, is designed to enable peer-to-peer transactions and digital wallet services, similar to existing services like PayPal, Venmo, and Zelle. XMoney is set to launch in beta form to select users in the U.S. in April, and is already licensed to operate in 40 U.S. states and Washington, D.C.

Why it matters

The launch of XMoney represents Musk's latest foray into the digital financial services space, following his involvement in the founding of PayPal during the dot-com boom. The platform is being positioned as an 'Everything App' that combines messaging, social networking, shopping, payments, and other services in a single app, similar to China's WeChat. However, the launch of XMoney has faced some opposition, with New York officials urging the state's Department of Financial Services not to authorize the app due to concerns about Musk's 'reckless conduct' and lack of 'character and general fitness'.

The details

XMoney is designed to allow users to fund an X-branded digital wallet via Visa Direct, Visa's digital payment network. Users can also connect their debit card to an XMoney account and make direct payments to other users on the platform. The platform is set to launch in the U.S. initially, and Musk has confirmed that actor William Shatner will be among the first beta testers, with Shatner promoting the platform to raise funds for a charitable cause.

  • XMoney is set to launch in beta form to select users in April 2026.
  • In May 2025, New York officials urged the state's Department of Financial Services not to authorize the XMoney app.

The players

Elon Musk

The CEO of Tesla and SpaceX, who is the driving force behind the development of the XMoney platform.

Linda Yaccarino

The former CEO of X, who referred to XMoney as a 'Everything App' in a partnership announcement with Visa more than a year ago.

William Shatner

The actor known for his role in 'Star Trek', who has been invited to become an early beta tester for the XMoney platform and is promoting it to raise funds for a charitable cause.

New York Officials

State officials who have urged the New York Department of Financial Services not to authorize the XMoney app, citing concerns about Musk's 'reckless conduct' and lack of 'character and general fitness'.

Scott Devitt

A Wedbush Securities analyst who focuses on the internet and e-commerce, and who believes that 'anything Elon focuses on has a good chance of success' due to Musk's deep understanding of payment systems, commerce, and generative AI.

Got photos? Submit your photos here. ›

What they’re saying

“Anything Elon focuses on has a good chance of success.”

— Scott Devitt, Wedbush Securities Analyst

“Elon Musk 'has engaged in a pattern of reckless conduct, in both business and government, that has put consumers at risk and demonstrated a lack of character and general fitness'.”

— New York Officials

What’s next

The judge in New York will decide whether or not to authorize the XMoney app in the state.

The takeaway

The launch of XMoney represents Elon Musk's latest foray into the digital payments space, building on his previous experience with PayPal. While the platform faces some opposition, particularly in New York, it also has the potential to disrupt the existing digital payments landscape with its 'Everything App' approach and Musk's track record of success.