Despite a drop in Elon Musk’s net worth below 700 billion dollars, the social media platform X has entered the digital payments sector through its new X Money service. This tool provides users with banking and financial functions inside the X platform. It is currently available only in the United States to Premium and Premium+ subscribers. The company stated that X Money enables instant transfers between users, interest earnings on balances, early salary deposits, and purchases via the X Card. The service has operated in beta testing for several months as part of efforts to build an all-in-one application. X Money functions as a digital account combining payments, banking features, and a debit card. Users can send free instant transfers to other accounts on the platform and receive direct deposits up to two days early. It offers up to 6 percent annual percentage yield on deposits and 3 percent cashback on qualifying purchases with the X Card. Additional options include wire transfers, paper checks, and free ATM withdrawals, along with dedicated support. Security measures include passkey authentication, customizable transaction limits, and extra verification for certain payments. Card activity is monitored through Visa fraud systems. Deposits are held at Cross River Bank, an FDIC member, with coverage up to 250,000 dollars. Balances are also enrolled in a cash sweep program that can extend aggregate FDIC protection to 10 million dollars across partner banks, subject to terms.
