X Launches 'X Money' Financial Services in Limited US Rollout
AI-generated image · US National Wire
The social media platform introduces deposit accounts and debit cards as part of its broader 'everything app' strategy.
X has begun a limited rollout of a financial services platform called X Money for users in the United States, according to reporting from Engadget. The service is currently available to subscribers of the Premium and Premium+ tiers who are over the age of 18, following a beta phase that was invite-only.
According to Engadget, X Money provides users with peer-to-peer payments, deposit accounts, and a debit card integrated with Apple Wallet and Visa. The debit card is offered in digital form or as a personalized physical metal card featuring the user's X handle. Financial incentives include early direct deposit, 3% cashback bonuses (subject to a list of excluded services), and APY of up to 6.00%, which Engadget notes varies based on regular deposits or the user's subscription tier.
While X Payments LLC is not an FDIC-insured bank, Engadget reports that deposits are held at Cross River Bank, a member of the FDIC, ensuring balances are insured. The launch is described by Engadget as one of several initiatives aimed at transforming the social media network into an "everything app."