X Transitions Creator Payments to In-House System X Money

Elon Musk's social media platform, X, announced a significant change on Wednesday, revealing that all U.S. creator payouts will now be processed through its own payment service, X Money. This transition, effective immediately, affects both the Original Content Rewards Program and creator subscriptions.

The switch to X Money promises instantaneous payments, eliminating the previous two-week processing wait and $30 minimum payout threshold. However, creators may find this shift mandatory, as X has implied there are no alternative payment options available, moving away from the previously utilized Stripe service.

In addition to this payment overhaul, X has been restructuring its creator programs. The Creator Revenue Sharing Program is set to retire on September 7, with creators being redirected to the Original Content Rewards Program, which prioritizes original content.

X Money, which recently began supporting creator payouts, is designed as part of Musk's vision for X as an all-encompassing app. It offers features like a bank card with 3% cash back, instant payments, and free ATM withdrawals. While it is not a bank itself, accounts are managed through the FDIC-insured Cross River Bank. Additionally, creator payouts will contribute to users’ direct deposit requirements for enhanced annual percentage yield rates.

Source: techcrunch.com