Elon Musk’s underling social platform X (formerly known as Twitter) has officially launched its financial service X Money in the U.S. market. Starting from this Monday (July 27), eligible X Premium and Premium+ subscribers can directly utilize a range of one-stop financial services within the platform, including digital payments, fund transfers, linking Visa financial cards, and deposits, without leaving the X App.
Since Musk acquired Twitter in 2022 and rebranded it as X, he has publicly expressed his intention to transform the platform into an “Everything App” that integrates social interaction, audiovisual content, creator economy, AI technology, and financial services. The official launch of X Money undoubtedly signifies a crucial step forward in realizing this grand blueprint.
In addition to basic payment and transfer functions, X Money has introduced highly competitive high-yield deposit schemes:
High Interest Rates:
According to the official statement of X Money, Premium+ users can enjoy an annual percentage yield (APY) of up to 6%; Premium users, upon meeting specified conditions, can also receive the same rate benefits. This rate is significantly higher than the near-zero deposit levels offered by traditional large banks.
Cashback and Fee Waivers:
To entice users to shift their everyday financial activities entirely to X, the platform also provides up to 3% cashback, fee waivers for overseas transactions, and designated free ATM withdrawals, among other perks.
On the front of fund security and regulation, deposits of X Money users will be entrusted to Cross River Bank headquartered in New Jersey, USA. The bank, which has long partnered with multiple well-known financial technology (FinTech) platforms, ensures that user deposits are protected by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 in statutory insurance coverage.
Industry analysts suggest that with the formal introduction of financial services, X is poised to compete with existing financial technology giants such as PayPal’s Venmo, Block’s Cash App, and SoFi, reshaping the competitive landscape of the digital financial market, leveraging its vast global user base and high user engagement.