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Elon Musk's X enters financial services with X Money
Social media platform X has launched X Money, a service allowing users to send money to each other. Currently accessible only by invitation, the service offers a 6% deposit yield and 3% cash back.
The social media platform X, owned by Elon Musk, has rolled out a new service called X Money that allows users to perform financial transactions. According to the Associated Press (AP), X Money is not a bank; it operates through Cross River Bank's infrastructure.
Because obtaining a banking license is a long and costly process for new financial technology companies, building on the services of a traditional bank is known as a common practice in the sector.
Invite-only
For now, X Money can only be used by invitation. Invitations are only sent to X's paid premium subscribers. Users who benefit from the service receive a Visa debit card with the "X" logo, which will be valid at all ATMs.
X users will be able to instantly transfer money to each other via the platform. The company announced that this feature has been rolled out.
High yield and cash back
X Money offers attractive financial advantages to attract customers. It will provide a 6% interest return on deposits and 3% cash back on eligible spending. However, to benefit from the 6% yield, the account must have at least $1,000.
Additionally, users must subscribe to X's premium services, which start at $8 per month. To cover the subscription cost, a deposit of at least $1,600 is required.
Musk's "everything app" goal
Elon Musk has long voiced his goal of turning X into an "everything app" that includes financial services. Musk also has a background in finance: he previously founded one of the first online banks under the name X.com, which was later acquired and laid the foundation for today's PayPal.
Although X Money is still in its early stages, it is entering a competitive market dominated by peer-to-peer money transfer services such as PayPal's Venmo, Zelle, and Cash App.
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