X Money Launches in U.S. Offering Up to 6% Interest and 3% Cashback
Elon Musk's X platform has officially launched X Money in the United States for Premium and Premium+ subscribers. The service integrates deposits, peer-to-peer transfers, and a Visa debit card within the X app.
X Money, an expansion of Elon Musk's X platform, has officially launched in the United States following a period of invite-only testing. The service is now available to Premium and Premium+ subscribers, integrating account deposits, peer-to-peer transfers, and a Visa debit card directly within the X application.
X Money allows users to instantly send and receive funds within X without fees or limits. Premium+ subscribers are eligible for up to a 6% annual percentage yield (APY) on deposits. Premium subscribers can achieve this rate provided they meet direct deposit requirements. Additionally, users can earn 3% cashback on qualifying purchases made with the X Card.
A virtual X Card is automatically generated upon registration and can be added to Apple Wallet for use with Apple Pay. Users also have the option to order a physical metal card, which can be personalized with a name and an optional X username.
Deposits are held by Cross River Bank, a member of the FDIC. New users are offered a $15 sign-up bonus. X Money is a key initiative in Musk's strategy to transform X into a "super app" akin to WeChat. The service has also drawn scrutiny from U.S. senators concerned about potential risks to consumers and financial stability.