Elon Musk, the owner of the social networking platform X (formerly Twitter), is soon going to launch a new banking and payments platform that is part of his plan to turn X into an ‘everything app’.

According to a Bloomberg report, this financial feature, called X Money, is expected to have a limited launch in the coming days, but regulatory hurdles still stand in its way.

X has already obtained licenses in dozens of US states, while the company announced a partnership with Visa last year to support the digital wallet and peer-to-peer payment service.

The financial services platform will reportedly also offer ‘great benefits’, including a savings account with a 6% return and 3% cashback on some transactions.

Tech billionaire Elon Musk announced his intention to create an “everything app” just months after Twitter was renamed X in 2023. He bought the platform in 2022.