X Money begins limited US rollout
Social network X launches X Money, a financial services platform initially available only to Premium subscribers in the US.
X, the social network formerly known as Twitter, has started rolling out its financial platform X Money. Currently, the service is available only to Premium and Premium+ subscribers in the US who are 18 or older. An invite-only beta phase preceded the public launch.
X Money offers users a deposit account, peer-to-peer payments, and a debit card integrated with Visa and Apple Wallet. The debit card comes in both digital and physical metal versions, which can be personalized with the user's X handle.
The platform features up to 6.00% APY, 3% cashback bonuses, no foreign transaction fees, and early direct deposit. However, the interest rate depends on factors like the subscription tier and regular deposits, and certain services are excluded from cashback.
While X Payments LLC is not an FDIC-insured bank, user deposits are held at Cross River Bank, an FDIC member, ensuring balances are insured.
X Money is part of the company's broader strategy to become an "everything app," combining social networking with financial services.
