Elon Musk has rolled out X Money, a new digital banking service that allows users to hold deposit accounts, send money, pay bills among other features in the payments space. X Money is simply a digital financial layer that has been integrated directly into X.
The app is for the users in the United States, and is currently available to X Premium and Premium+ subscribers.
X Money comes with features like deposit accounts, send money, pay bills, transfer funds and use a Visa debit card, all without leaving the X app.
Users can open a deposit account with Cross River Bank, receive direct deposits, send and request money from other X users, pay bills, initiate wire transfers and even mail physical checks.The rollout also marks the expansion of X Money beyond its invite-only beta programme.
The Premium and Premium+ users can earn up to 6.00 per cent APY after meeting the qualifying direct deposit requirements. The service also offers early direct deposits of up to two days before payday, free ATM withdrawals, wire transfers and check mailing.
“Your Money account is secured with passkeys for safe and fast authentication…. Every card transaction is protected by Visa’s security and risk management capabilities,” X Money said on its X account.
Earlier, Musk had outlined that vision of X Money saying, “When I say payments, I actually mean someone’s entire financial life….If it involves money. It’ll be on our platform.”
As per the information shared by X, each transaction has custom limits and requires authentication. Each and every card transaction is shielded by Visa’s security and risk management capabilities.
The payment app comes with features like 6% APY on balances, 3% unlimited cash back, and plenty more.
Elon Musk Rolls Out X Money, Expanding X Into A Digital Payments Platform
