Elon Musk's "X" platform has begun a phased rollout of its new financial service, "X Money," in the United States. The new service enables users to make instant money transfers, payments, banking transactions, use a debit card, and earn interest on funds held in their accounts.
Currently, "X Money" is being made available in the US on a phased basis. In the first phase, the service was accessible only to Premium+ subscribers, but verified users beyond that group can now also access the platform.
Through the new financial service, users will be able to transfer money to one another in real time, pay bills, and carry out bank transfers.
One of the platform's notable features is that it offers up to 6% annual interest on funds held in accounts. In addition, users receive up to 3% cashback on purchases made with the Visa debit card.
Customer funds are held at Cross River Bank in the US and are insured for up to $250,000 under the country's deposit insurance system. For Premium+ users, the insurance limit is set to increase to up to $10 million.
It should be noted that "X" does not hold a banking licence. The platform provides financial services through partnerships with partner banks under a Banking-as-a-Service (BaaS) model.