X Money: You will now be able to send money via the X app; Elon Musk has launched the X Money service..
Elon Musk has taken a major step towards transforming his social media platform, X, into a "super app." The company has launched a new digital payment and banking service called X Money. Through this, users will be able to transfer money, pay bills, use a Visa debit card, and access various other banking features directly within the X app. Currently, this service has been rolled out in the US for X Premium and Premium Plus subscribers.
What is X Money?
X Money is a digital banking and payment service integrated directly into the social media platform X. Its goal is to combine social networking, digital payments, and everyday banking services into a single app. The service offers features such as deposit accounts, peer-to-peer payments, direct deposits, and Visa debit cards. Additionally, users can send money to other X users without incurring any transfer fees. Features like bill payments, wire transfers, and physical check issuance will also be available on the platform. The company claims that its metal-finish Visa debit cards will display the user's X handle. It also promises benefits such as 3% cashback and an annual percentage yield (APY) of up to 6.00% on deposited funds.
How it works and security measures
X Money does not operate as a bank itself; user deposits are held at Cross River Bank, a regulated bank based in New Jersey. This bank is covered by the Federal Deposit Insurance Corporation (FDIC), providing insurance of up to $250,000 per depositor on eligible funds. Through the X Cash Sweep program, customer funds are distributed across multiple partner banks. Visa Direct technology is utilized for rapid money transfers, enabling quick transactions between bank accounts and debit cards. For security, the service supports "passkeys" instead of traditional passwords, allowing users to log in using fingerprints, facial recognition, or their device PIN. Furthermore, features such as transaction limits and verification requirements for specific payments are included.
When will X Money arrive in India?
Currently, X Money is being rolled out only to X Premium and Premium Plus subscribers in the US. The company has not yet confirmed its launch in India, although Elon Musk has indicated plans to bring it to other global markets as well. If the service launches in India in the future, it will compete with Google Pay, WhatsApp Payments, PhonePe, and similar digital banking and payment services. As of now, no official launch date for India has been announced.
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