Elon Musk’s company, X, formerly known as Twitter, is a popular platform worldwide for people to share their thoughts. However, the company has now launched a new digital payment app, X Money, in the US. This means that users will now be able to make online payments through X. According to reports, this service is currently available only in the US and for paid X subscribers.
According to media reports, X Money has been launched for US users who have a paid subscription to X. This new service will allow users to send money, make payments, and easily manage their financial transactions within the app. The company’s goal is to bring social media and digital finance together on a single platform, eliminating the need for users to rely on other apps for anything.
Another significant feature of this new X Money app is that it allows users to access instant Peer-to-Peer (P2P) transfers. This allows users to send money to other users instantly within the app. The company claims that users will not incur any additional charges for using this feature. Furthermore, there are no transaction limits.
It should be noted that users will also receive an X Visa Debit Card with X Money. This is a digital card that allows users to connect directly to Apple Pay. This card can be used for online and offline payments. Furthermore, the company has also added another feature for users. With this card, no extra charges will be levied on foreign transactions.
Elon Musk has publicly stated several times that he wants to create a platform where users can find everything in one place. That’s why he wants to make X an “Everything App.”
Now, the launch of X Money is considered an essential part of this plan. If this service is successful, it could also integrate investments, digital wallets, bill payments, shopping, and other financial services in the future.
Indeed, with X Money, X aims to provide additional financial benefits to its premium subscribers. According to reports, users on the Premium+ plan who pay $40 per month or $395 per year will receive an annual interest rate (APY) of 6%.
In addition, Premium plan users can also receive 6% APY, but for this, they must link Direct Deposit to their X Money account. Additionally, they will receive up to 3% cashback on select purchases. If users use the Direct Deposit feature, they will receive their salary or other payments ahead of schedule.
For your information, let us tell you that at present X Money has been launched only in America and the company has not yet shared any official information regarding its launch in India. But it is believed that if this service is successful in America, then after some time the company can launch it in India also.