Elon Musk has launched a new banking feature called X Money, along with an X-branded Visa debit card. This feature enables users to send money to each other on the social media platform.
X Money Details
X Money is currently invite-only and utilizes services provided by Cross River Bank. The feature is available to select users in the United States who are 18 or older. However, the company is working to expand access soon.
The X Money account is secured with passkeys for fast, safe authentication, and users can enable advanced security controls. Funds are eligible for Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 through Cross River Bank.
Transactions on the feature are private by default, but users can opt to share certain transactions on the X timeline. Premium+ users will be eligible for 6.00% APY when qualifying direct deposit requirements are met.
X Visa Debit Card Benefits
The X Visa debit card offers several benefits, including 3% cash back on eligible purchases, free cash withdrawals at any ATM worldwide, and no foreign transaction fees. The card is accepted everywhere Visa is accepted, and customers will not be held responsible for unauthorized charges due to Visa’s Zero Liability Policy.
Original reporting: Las Cruces Sun News (HLL/CB) — read the source article.
