|
Elon Musk launches invite-only X Money
with a Visa debit card, 6% yield and real-time transfers
[July 29, 2026]
NEW YORK (AP) — 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 its services,
as chartering a new bank is a timely and costly process.
|
The opening page of X is displayed on a computer and phone, Oct. 16,
2023, in Sydney. (AP Photo/Rick Rycroft, File) |
|
Currently X Money is invite only, and users will receive a
“X”-branded Visa debit card that is useable 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.
In order to attract customers, X Money is offering a 6% yield on
deposits and 3% cashback on eligible purchases. In order to earn
the 6% yield, a customer would need to deposit at least $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. It would
require at least a deposit of $1,600 in order to cover X's
premium services cost.
Musk has long talked about turning X into an “everything app”
that would include financial services. Musk has his origins in
financial services, creating one of the first online banks under
the brand X.com. That company was later bought and merged into
what is now known as PayPal.
It's still early for X Money, but the company is entering into a
competitive market, dominated by PayPal's Venmo money transfer
service and other peer-to-peer money transfer services like
Zelle and Cash App.
All contents © copyright 2026 Associated Press. All rights reserved
|
|
|
