Elon Musk's X Forays Into Digital Payment Services In US

While Elon Musk's net worth has plunged below the 700 billion mark, the tech billionaire's micro-blogging platform X has forayed into the digital payment services vertical via X Money.

This feature allows users access to banking and financial services directly within the ecosystem of X. Currently, the feature is rolled out in the US, and is limited to Premium, and Premium+ subscribers.

In a X Money handle tweet, the Texas headquartered company announced that its latest service will allow users to send money instantly on the platform, earn interest on deposits, receive their salaries earlier and also buy things utilising the X Card.

X has been offering X Money in beta for a few months, and the launch is part of Musk's efforts to create an "everything app" similar to WeChat in China.

What Is X Money Capable of?

Essentially, X Money is a digital money account, which combines payments, banking-like features and a debit card within the X app. As per the company, users will be able to make free instant transfers to other X users and receive direct deposits upto two days before payday.

The service also offers up to 6.00% annual percentage yield (APY) on deposits and 3% cashback on eligible purchases made using the X Card.

Moreover, X Money gives users access to wire transfers, paper cheques and free ATM withdrawals. X also says that X Money users will receive dedicated customer support whenever required.

The company also says that security has been built into the service from the ground up. Money accounts are protected using passkeys, which allow users to authenticate their transactions without relying on passwords.

X Money also lets users set custom transaction limits and require additional verification for selected payments. Meanwhile, card transactions are protected using Visa's fraud detection and risk management systems.

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Further, it noted that deposits are held at Cross River Bank, an FDIC member, and are insured up to $250,000.

The Elon Musk led platform also said that deposits are automatically enrolled in a cash sweep programme, which can provide upto $10 million in aggregate FDIC pass-through across across participating banks, subject to applicable terms and conditions.

Meanwhile, there is also the option to order a physical X Money metal card, where users will have the option of customising how their name appears and even choose to add their X username.