Elon Musk's X launches invite-only X Money with Visa debit card
Elon Musk's social media company X has launched X Money, an invite-only financial service that allows users to transfer money in real time and comes with an X-branded Visa debit card.
The service is currently available to paying X members by invitation, the company said. The debit card can be used at ATMs.
X Money is not a bank and relies on technology and banking services provided by Cross River Bank.
To attract users, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases. Users must deposit at least USD 1,000 to qualify for the yield and subscribe to X's premium services, which cost at least USD 8 a month.
The launch is part of Musk's long-standing plan to turn X, formerly known as Twitter, into an "everything app" offering financial and other services alongside social media.
Musk has previously been involved in financial technology through X.com, an online financial services company he co-founded that later merged with Confinity. Its money-transfer service eventually became PayPal.
X Money is entering a competitive digital payments market that includes PayPal's Venmo, Zelle and Cash App.
The service is being launched using existing banking infrastructure rather than through a new bank, a common approach among financial technology companies seeking to offer payment and other financial services.
