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Elon Musk’s X Money offers 6% yield and a Visa debit card but it's invitation only
AP News • • business
Key Points:
- Elon Musk’s social media company X, formerly Twitter, has launched X Money, a bank account-like service allowing users to send money to one another in real time.
- X Money operates through Cross River Bank’s technology and banking services, offering users an X-branded Visa debit card usable at any ATM.
- The service is currently invite-only and available only to X’s paying members, who can earn a 6% yield on deposits over $1,000 and 3% cashback on eligible purchases.
- To qualify for the 6% yield, users must maintain a minimum deposit of $1,000 and subscribe to X’s premium services costing at least $8 per month, effectively requiring a $1,600 deposit to cover fees.
- X Money enters a competitive market dominated by established peer-to-peer payment platforms like PayPal’s Venmo, Zelle, and Cash App, aligning with Musk’s vision of transforming X into an “everything app.”
