X Money digital payments service launched in US
What's the story
Elon Musk's social media platform, X, has launched a new feature called 'X Money.' The service brings banking and financial services to users within the app. However, it is only available for Premium and Premium+ subscribers in the US at this time. The launch comes after months of beta testing of X Money as part of Musk's vision for an "everything app" like China's WeChat.
Service offerings
What is X Money?
X Money is a digital account that combines payment, banking features, and a debit card within the X app.
Users can make free instant transfers to other X users and receive direct deposits up to two days before payday.
The service offers an annual percentage yield (APY) of up to 6.00% on deposits and 3% cashback on eligible purchases made with the X Card.
Expanded offerings
Security features of X Money
Along with the basic features, X Money also offers wire transfers, paper checks, and free ATM withdrawals.
Users can get dedicated customer support whenever needed.
The company has also emphasized that security is a key focus of this service.
Money accounts are protected with passkeys to authenticate transactions without passwords, while card transactions are secured by Visa's fraud detection and risk management systems.
Security measures
Other notable features
X Money users can set custom transaction limits and require additional verification for selected payments.
Deposits are held at Cross River Bank, an FDIC member, and insured up to $250,000.
The company also runs a cash sweep program that extends combined FDIC pass-through insurance up to $10 million across participating banks under certain terms and conditions.
User experience
Support for Apple Wallet
X Money also supports Apple Wallet, allowing users to add a virtual X Card to their Apple Pay via Apple Wallet.
They can also order a physical X Money metal card and customize how their name appears or even add their X username.
New users might even get a $15 welcome deposit when they join the service, according to 9to5Mac.