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Elon Musk's X launches X Money with 6% interest and Visa card
Elon Musk's X platform has launched X Money, stepping into financial services. The service, currently open only to invited premium users, offers a 6% deposit yield and 3% cash back.
Elon Musk's social media platform X has rolled out a new service that enables financial transactions. Called X Money, this service allows users to send instant payments to each other and use a Visa debit card.
According to the Associated Press (AP), X Money is not a bank; it operates through infrastructure provided by Cross River Bank. The lengthy process of fintech companies obtaining their own banking licenses makes such partnerships common in the sector.
Invitation and conditional access
The service is currently open only through invitation and to the platform's paid premium subscribers. Users who start using X Money receive a Visa debit card bearing the "X" logo, valid at all ATMs.
Attractive interest and cash back rates
X Money promises high returns to attract customers. It will offer a 6% interest return on deposits and 3% cash back on eligible purchases. However, to benefit from the 6% interest, a minimum balance of $1,000 is required in the account.
Additionally, users must subscribe to X's premium services, which start at $8 per month. To cover this subscription cost, a minimum balance of $1,600 will be required in the account.
Musk's 'everything app' vision
Elon Musk has long stated his goal of transforming X into an 'everything app' that includes financial services. Musk's background in this area goes back to X.com, an online bank he founded earlier. That company was later acquired and formed the basis of today's PayPal.
Although X Money is still in its early stages, it is entering the peer-to-peer money transfer market dominated by competitors such as PayPal's Venmo, Zelle and Cash App.
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