Elon Musk launches invite-only X Money with a Visa debit card, 6% yield and real-time transfers
Summary
Elon Musk’s social media company X has started a new service called X Money, which lets users send money to each other quickly. This service offers a Visa debit card and pays users 6% interest on deposits, but it is currently available only by invitation to paying members.Key Facts
- X Money is a money transfer service launched by Elon Musk’s company X, which used to be Twitter.
- The service is not a bank itself but uses banking services from Cross River Bank.
- Users get an X-branded Visa debit card that works at any ATM.
- Only invited users who pay for X’s premium service (costing at least $8 per month) can join right now.
- X Money offers 6% interest on deposits if users put in at least $1,000.
- Users also get 3% cashback on some purchases made with the debit card.
- Elon Musk aims to make X an “everything app” that includes financial products.
- X Money competes with other services like PayPal’s Venmo, Zelle, and Cash App.
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