X Moves US Creator Payments from Stripe to X Money
On Wednesday, Elon Musk’s social network X announced that as of today, all creator payouts in the U.S. will be processed via X Money, the platform’s payment service.
This change encompasses payouts from both X’s Original Content Rewards Program and creators’ subscriptions, according to an update released on X.
The advantage of this new payment infrastructure is its immediacy. Creators won’t have to wait for the conclusion of a billing cycle or meet a minimum threshold to access their funds. Previously, payments occurred bi-weekly with a $30 minimum payout, as detailed in X’s documentation.
However, the phrasing of the announcement implies that creators may have no alternative options for receiving payments, effectively mandating the use of X Money even for those who might have preferred the previous Stripe-powered method.
In response to inquiries, an X representative confirmed that this transition is necessary for U.S. creators, while those located outside the U.S. will continue using Stripe.
This update follows a series of modifications to X’s creator programs. On September 7, X will phase out its Creator Revenue Sharing Program, which ceased accepting new participants last month. Instead, creators are being transitioned to the Original Content Rewards Program, which focuses more on original content.
Earlier this month, X Money began facilitating payouts for creators. As part of Musk’s ambition to transform X into an “everything app,” the payments service is equipped with a bank card that offers 3% cash back, instant transactions, free ATM withdrawals, and additional digital banking features. It’s important to note that X Money is not a bank; the accounts are held at the FDIC-insured Cross River Bank.
According to X’s announcement, payouts for creators will also contribute to X Money users’ direct deposit criteria to attain the enhanced APY rate. Currently, the service’s website states that X Premium users will enjoy a 6% rate, compared to the regular 4% rate.
Furthermore, X will issue a 1099-NEC for individuals receiving creator payouts. For LLCs, X will collect the necessary W-9 information to ensure the accuracy of the 1099 forms, the company indicated.
This article was updated post-publication with comments from X.
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