Elon Musk launches invite-only X Money with Visa debit card and 6% yield
Elon Musk's social media company X, formerly Twitter, has launched X Money, an invite-only financial service that allows users to send cash to one another in real-time. The service is not a new bank but uses technology and banking services provided by Cross River Bank, branding that backbone as X Money. Invitations are currently available only to X's paying members. Users will receive an 'X'-branded Visa debit card usable at any ATM, a 6% yield on deposits, and 3% cashback on eligible purchases. To earn the 6% yield, customers must deposit at least US$1,000 and be signed up for X's premium services (minimum $8/month), requiring at least $1,600 to cover the premium cost. Musk has long aimed to turn X into an 'everything app' with financial services, drawing on his origins in financial services with X.com, which later merged into PayPal.
Key facts
- X Money is invite-only and uses Cross River Bank's infrastructure.
- Users receive an 'X'-branded Visa debit card usable at any ATM.
- Real-time money transfers between X users are supported.
- 6% yield on deposits requires at least US$1,000 deposit and X premium subscription.
- 3% cashback on eligible purchases is offered.
- X premium costs at least $8 per month.
- Musk's earlier venture X.com became part of PayPal.
- X Money is part of Musk's vision for an 'everything app'.
Entities
Institutions
- X
- Cross River Bank
- Visa
- PayPal