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Elon Musk’s X Money app is rolling out in the U.S.
Elon Musk's X Money app is now available for paid subscribers in the U.S., offering features like instant peer-to-peer transfers, a Visa debit card, and attractive interest rates. This launch aligns with Musk's vision for transforming X into an all-encompassing platform, reinvigorating a decades-old aspiration of his in financial services.
Key points
- X Money launched for U.S. Premium and Premium+ subscribers, providing instant peer-to-peer transfers without fees.
- Users receive an X Visa debit card, usable with Apple Pay, with no foreign transaction fees and free worldwide ATM withdrawals.
- Premium+ subscribers can earn a 6% APY; Premium users can access this by linking direct deposits.
- The app allows users to earn up to 3% cash back on select purchases.
- Launch supports Musk's ambition to create an 'everything app' following Twitter's acquisition and his historical ties to the financial service realm.
Why it matters
- The trend of integrating financial services into social media platforms aligns with the growing movement towards fintech solutions by 2025.
- Historical context: Musk founded X.com in 1999, which later became PayPal, showcasing his long-standing interest in financial innovation.
- The development is comparable to other tech companies expanding into new service areas, enhancing user engagement and loyalty.
The launch of X Money signifies a major step in Elon Musk's long-held vision to innovate within financial services, potentially reshaping how users interact with both money and social platforms.