Musk Launches ‘X Money’ Feature: US Users Can Open Bank Accounts, Pay Bills, and Transfer Money Within the App
Elon Musk has begun rolling out the ‘X Money’ feature. This marks a significant step in the plan to transform the social media platform X into an “everything app.” For now, the company has launched these banking services exclusively for its Premium and Premium+ subscribers in the United States.
Previously, the feature was tested under an invite-only beta phase before its official rollout began on July 27.
Users Can Handle Banking Tasks Without Leaving the App
The X Money feature allows subscribers to manage their daily banking activities without exiting the app. Through this service, users gain access to a deposit account supported by Cross River Bank.
This enables users to receive funds, transfer money to other X users, pay bills, send wire transfers, and deposit physical checks.
Virtual and Metal Cards with 3% Cashback
X Money automatically issues a virtual Visa debit card. This card is compatible with both Apple Pay and Google Pay.
Additionally, users can order a physical metal card. They have the option to choose whether or not to have their X handle printed on the physical card.
Key Card Features:**
- Cashback:** Earn 3% cashback on eligible purchases.
- Zero Fees:** No foreign transaction fees apply.
- Global Acceptance:** The card works anywhere Visa is accepted worldwide.
- 6% Annual Interest and Free ATM Withdrawals
Currently, X Money is available only to Premium and Premium+ subscribers in the US. Eligible users can earn an Annual Percentage Yield (APY) of up to 6% by setting up direct deposits.
Other Benefits and Security Features
Early Salary: Receive paychecks up to two days early. Free Services: ATM withdrawals, complimentary wire transfers, and mailed checks will be available at no cost.
Security: According to X, passkey authentication is used to secure accounts. An additional verification step will be required for every payment. Furthermore, card transactions will be covered by Visa’s fraud protection and risk management systems.
