Elon Musk has taken a big step towards making his social media platform X a super app. The company has launched a new digital payment and banking service named X Money. Through this, users will be able to transfer money, pay bills, use Visa debit card and avail many other banking facilities directly on the X app. Currently, this service has been started for X Premium and Premium Plus subscribers in America.
What is X Money?
X Money is a digital banking and payment service within the social media platform X. Its aim is to provide social networking, digital payments and everyday banking services in a single app. Under this service, users will get facilities like deposit account, peer to peer payment, direct deposit and Visa debit card. Apart from this, users will be able to send money to other X users without any transfer fee. Facilities like bill payment, wire transfer and sending physical checks will also be available on this platform. The company claims that its metal finish Visa debit card will also have the user’s X handle. Apart from this, the benefit of 3 percent cashback and annual interest (APY) of up to 6.00 percent on the deposited amount has been claimed.
Your money, on the world’s most powerful network
𝕏 Money is rolling out to US Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn
This is how it will work, safety has also been taken care of
XMoney itself does not act as a bank. Users’ deposits will be kept in New Jersey-based regulated bank Cross River Bank. This bank comes under the purview of the Federal Deposit Insurance Corporation i.e. FDIC, under which eligible deposits will be insured up to $2,50,000 per depositor. Through the X Cash Sweep program, it distributes the customer’s amount among several partner banks. Visa Direct technology has been used for faster money transfer, which will allow faster transactions between bank account and debit card. For security, it has support for passkey instead of password, through which login can be done through fingerprint, face recognition or device PIN. Apart from this, facilities like transaction limit and verification for selected payments have also been provided.
When will X Money come to India?
Currently, X Money is being released only for X Premium and Premium Plus subscribers in the US. Till now the company has not confirmed its launch in India, although Elon Musk has informed about the plan to bring it in other markets of the world also. If this service is launched in India in future, it will compete with Google Pay, WhatsApp Payments, PhonePe and other similar digital banking and payment services. At present, no official date of its launch has been announced in India.
Also read: Number of mobile users in the country crosses 120 crore, Jio number-1 among active customers
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