Elon Musk has started the rollout of the X Money feature. This is a big step in the plan to make social media platform The company has just launched these banking services for its Premium and Premium+ subscribers in the US only. Earlier, it was being tested only under invite-only beta phase, after which it has been officially rolled out from July 27. Users will be able to do banking activities without leaving the app. Through the X Money feature, subscribers will get the facility to do their daily banking activities without leaving the app. Under this service, users will get a deposit account with the support of Cross River Bank. Through this, users will be able to receive money, transfer money to other X users, pay bills, send wire transfers and even deposit physical checks. Virtual and Metal Cards, 3% cashback facility A Virtual Visa Debit Card will be issued automatically under X Money. This card works with both Apple Pay and Google Pay. Apart from this, users can also order a physical metal card. Users will have the option to choose whether they want their X handle printed on this physical card or not. Key Features of the Card: 6% Annual Interest and Free ATM Withdrawals Currently, X Money is available only for Premium and Premium+ subscribers in the US. Eligible users can earn up to 6% Annual Percentage Yield (APY) by setting up direct deposits. Other Features and Security Features Musk’s Everything App Vision The launch of X Money is part of Elon Musk’s old plan to make In this, messaging, shopping and financial services work on a single platform. In 2023, Musk told employees that he wants X to move beyond peer-to-peer (P2P) payments to support the entire financial life of users. The attention of American lawmakers, Senator Warren expressed concern, the scrutiny and attention of American lawmakers has also increased after X entered the field of financial services. Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, wrote a letter to Elon Musk on April 14. In the letter, he had asked for complete information from Musk as to whether X is fully prepared to handle banking and financial services responsibly or not. Warren expressed concern over X’s management and raised questions about potential risks to consumers, national security and the entire financial system. What is Everything App or Super App? Everything app or super app is a digital platform that provides many different services to the user within a single app. Such as social media, messaging, digital wallet, banking, cab booking, online shopping and bill payment. ‘WeChat’ in China is the biggest example of this. Elon Musk is also adapting X on similar lines so that the user does not need to change the app for any other work. What is Annual Percentage Yield? Annual Percentage Yield i.e. APY means the percentage of total interest received annually. It also includes compound interest i.e. compound interest. That is, if you keep money in the deposit account of X Money and set up direct deposit, then you can get the benefit of returns at the rate of 6% per annum.
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Musk launches X Money feature: Users in US will be able to open bank accounts, bill payments and money transfers in the app itself
