Elon Musk has just taken one more step towards turning X into “the everything app.”

On Monday, Musk’s social media platform X announced the launch of a new service on the platform called X Money. 

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What is X Money? The new service on X basically provides banking and financial services for paying X Premium and Premium+ subscribers right within the app. X Money includes peer-to-peer payments and money transfers within the X platform, as well as a deposit account. Users will also receive “the X card,” a physical Visa debit card for ATM withdrawals and in-person transactions.

According to the announcement post, X Money users will be able to conduct a variety of everyday transactions directly within X, just as they would with any other bank account. Some core functions of X Money include:

X also says that users can get paid up to two days early with direct deposit.

Elon Musk’s gets one step closer to his “everything app” with the launch of X Money.
Credit: X

Premium+ subscribers on X are immediately eligible for 6% APY, whereas X Premium subscribers can also reach that rate after meeting Qualifying Direct Deposit requirements. 

X Money’s Visa Debit Card, which the service is calling the X Card, will provide 3% cash back on eligible purchases and no-fee cash withdrawals at any ATM worldwide. X Card supports digital wallets such as Apple Pay and Google Pay as well.

Deposit accounts are held with X Money partner Cross River Bank, Member FDIC and insured up to $250,000.

Musk has long planned to launch an X Money-type service within the X app. The owner of the social media platform certainly has experience in the industry. Before X was a social media platform formerly known as Twitter, Musk ran a payment services company called X that later merged with PayPal in the early dot-com era. Musk has long had a goal of creating a true “everything app,” according to biographers and other sources.

Musk previously claimed that it would “blow his mind” if his social media company didn’t launch financial services within X by the end of 2024. X Money went through an initial test phase earlier this year and is now rolling out to a subset of its user base in the U.S. with plans to further expand in the near future.

In case you haven’t heard, T-Mobile’s mobile network appeared to go down for a lot of users on Monday afternoon.

Users in the United States reported a widespread outage, with mobile service in particular being disrupted, and some users reported they were stuck in “SOS mode,” which can happen if service is interrupted. As usual, customers took to social media apps like X and Reddit to vent their frustrations, sometimes directly at T-Mobile itself.

On X, one user reported being stranded and unable to order a Lyft home (though, apparently, still able to post to X), while another said they were seeing a long line at their local T-Mobile store. Over on Reddit, a post about the outage has already collected more than 5,500 comments, with users trading rumors about the possible cause and potential fixes.

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As a reminder: The person running a brand’s social media help line typically can’t fix the outage.

As of this writing, “T-Mobile” was trending on X, and search terms such as “Is t mobile down” and “t mobile outage” were trending on Google Search.

Mashable reached out to T-Mobile with questions about the outage, which the brand still hasn’t acknowledged. We’ll update this story if we receive more information.

This is a developing story…

Updated on July 27 at 7:48 a.m. ET — T-Mobile informed Mashable that it had fully restored service by 10:53 p.m. The company provided Mashable with the following statement:

We have fully restored service for all customers and sincerely apologize for the difficulties. We know that customers rely on us to stay connected to what matters most, and we appreciate their understanding as we prioritized resolution.

Updated on July 27 at 10 p.m. ET — Beyond its initial statement, T-Mobile has no update on the outage.

“Our teams are actively working the reports of technical challenges impacting some customers,” the company said in a statement to Mashable. “Any service impacts are in the process of being resolved and are our highest priority. We know how critical it is to stay connected, and every available resource is focused on resolving this as quickly as possible.”

In the meantime, many T-Mobile users are going to X and Reddit to complain.

A post on Reddit about the outage already has more than 5,500 comments, and users are trading rumors about the possible cause of the T-Mobile outage, as well as potential fixes. We’ll continue to update this post as this story develops.

As of this writing, Downdetector shows that thousands of users are still actively submitting error reports. In addition, Status Gator reports that the outage is nationwide, with T-Mobile-connected providers like Mint Mobile and Boost Mobile also experiencing problems.

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Updated on July 27 at 5:47 p.m. ET — Users on X are still complaining about a T-Mobile outage, and the topic is currently trending. However, user error reports on Downdetector have slowed since reaching a peak at 4:58 p.m. ET.

T-Mobile users appear to be experiencing disrupted mobile service on Monday afternoon.

More than 64,000 users reported problems as of 5:15 p.m. ET, according to Downdetector. User error reports started to spike at 3:48 p.m. ET, and as of this writing, they’re continuing to climb. The majority of users either listed the problem as “no signal,” or simply “mobile phone.”

Credit: Screenshout courtesy of Downdetector

Shortly after the issues were reported on Downdetector, searches surged on Google for SOS mode, which can appear on devices when service is disrupted. SOS mode means your phone should still be able to make emergency calls via satellite if needed.

On X, dozens of users complained of an outage, with some users specifically complaining about SOS mode.

A Mashable editor provided this screenshot of their phone stuck in “SOS Mode.”
Credit: Mashable