X Launches Invite-Only X Money Service With 6% Yield and Visa Debit Card
Elon Musk's social platform X has debuted a bank-like peer-to-peer payment feature offering high yields and real-time transfers to paying members
Elon Musk's social media platform X, formerly known as Twitter, has launched X Money, a new bank account-like service designed to allow users to send money to each other in real-time. The payment feature is currently available on an invite-only basis specifically for X's paying members.[1][2][3][4][5]
While operating like a financial service, X Money is not a newly created standalone bank. Instead, the platform leverages the technology and banking infrastructure provided by Cross River Bank. Users who join the service receive an X-branded Visa debit card that can be utilized at ATMs.[1]
To build its customer base, X Money is launching with financial incentives, including a 6% yield on user deposits and 3% cashback on eligible purchases. The addition of payments is part of Musk's broader ambition to transform X into an everything app, entering a financial services landscape currently dominated by established competitors such as Venmo and Cash App.[1]
