Elon Musk launches invite-only X Money where users can send cash to one another

Users will receive an ‘X’-branded Visa debit card that is usable at any ATM, a 6% yield and real-time transfers Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another. The service, known as X Money, is not a new bank. X Money is using technology and banking services provided by Cross River Bank and branding that backbone as X Money. It is common for new financial companies to use a traditional bank’s backbone to launch their services, as chartering a new bank is a timely and costly process. Currently X Money is invite only and users will receive an “X”-branded Visa debit card that is usable at any ATM. Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently. To attract customers, X Money is offering a 6 per cent yield on deposits and 3 per cent cashback on eligible purchases. To earn the 6 per cent yield, a customer would need to deposit at least US$1,000 into an account. Customers would also have to be signed up for X’s premium services, which is at least $8 a month.

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