What if you get to access banking features or make payments within the X platform? Sounds amusing, right?
Well, Elon Musk has previously talked about how he is aiming to make the X platform an everything app, where users can create content, share their views, do trading and more. It appears that the X team has been working towards this goal, as X has launched a new financial service called X Money.
What is X Money?
This service combines banking features, peer-to-peer payments and a Visa debit card with the X app.
The benefits of this service include:
- Free, instant transfers on X
- Up to 6.00% APY
- 3% cashback on eligible purchases with the X card
- Early direct deposit- up to 2 days before your normal payday
- Wires, checks, and free ATM withdrawals
- Fast, dedicated support when you need it
Every X Money user receives a virtual X Card which can be added to Apple Pay through Apple Wallet. The service also supports Google Pay. It is revealed that subscribers can order a physical metal Visa debit card, customise how their name appears on the card and choose whether to display their X username.
The X Card can be used anywhere Visa is accepted, and the card does not charge foreign transaction fees.
According to the company, your Money account is secured with passkeys for safe and fast authentication. Users can set custom limits and require authentication for the transactions they choose. Every card’s transaction is protected by Visa’s security and risk management capabilities. Through X’s Cash Sweep Program, users can get FDIC insurance up to $10M.
Deposit accounts are held at Cross River Bank, Member FDIC, and insured up to $250,000. Deposits are automatically enrolled in a Cash Sweep Program, while deposit insurance only covers the failure of an insured bank.
Everything you do on X Money is private to you by default. You can choose to share certain transactions on the X timeline, but sharing is always optional and entirely your choice.
Availability
X Money is rolling out to X Premium and Premium+ subscribers (18 or older). Eligible users will see the “Money” tab in their sidebar on the X app and X.com. Tap it and follow a few simple steps to onboard.
New users joining the service may also receive a $15 welcome deposit.
