Social platform X is moving U.S. creator payouts to its own payments service, X Money, as it expands the role of its financial products within the platform.
Starting Wednesday (Sep. 2), all payouts to creators in the United States participating in X’s Original Content Rewards Program or receiving subscription revenue will be processed through X Money, X said in a Wednesday post on the platform.
The move replaces Stripe, which previously powered creator payouts on X, TechCrunch reported Wednesday. An X representative said in the report that the change is required for U.S. creators. Creators outside the U.S. will continue receiving payouts through Stripe.
Creators already using X Money do not need to take action, and their next payout will be sent through the service, X said in its post, which did not indicate another payment option for U.S. creators.
The payments shift comes as X makes other changes to its creator programs, the TechCrunch report said. The company plans to retire its Creator Revenue Sharing Program on Sept. 7. Existing participants can continue earning through that date, while X has shifted its creator monetization efforts toward the Original Content Rewards Program, which places greater emphasis on original material.
X Money began supporting creator payouts earlier this month as part of the company’s broader push to expand its payments capabilities, according to the report. The service offers a bank card with 3% cash back, instant payments and free ATM withdrawals, among other digital banking features. X Money is not itself a bank; its accounts are held at FDIC-insured Cross River Bank.
Creator payouts also will count toward X Money users’ direct deposit requirements for the service’s higher annual percentage yield, the report said. X Money’s website lists a 6% rate for X Premium users, compared with 4% for standard users.
In a comment on its original post, X said it will issue 1099-NEC forms to individuals receiving creator payouts. For creators operating as limited liability companies, X will collect W-9 information to help ensure tax forms are accurate.
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