GermanyThe social media platform X has begun rolling out its payment service, X Money, in the United States. This move brings Elon Musk closer to his vision of turning X into an 'all-in-one' app where users can communicate, pay, and access other daily services. X Money integrates a digital wallet and traditional banking functions directly into the platform. Users can link external bank accounts or debit cards, receive payments, transfer money, pay bills, and send money for free to other X Money users. It includes a Visa debit card with no additional foreign transaction fees, compatible with Apple Pay and Google Pay, offering three percent cashback on eligible purchases. X refunds all ATM withdrawal fees within three calendar days. Registration requires a passkey, and users can set individual transaction limits and require extra authentication for selected transactions. Premium Plus subscribers get up to six percent annual interest, while Premium subscribers achieve this rate under certain conditions. The payment service provider behind X Money, X Payments, is not a bank itself, but deposits are held at the mid-sized Cross River Bank. Through a Cash Sweep program, funds can be distributed,
Bias read (Center): The article provides a factual overview of X Money's features, benefits, and technical implementation without overtly favoring any political perspective. It focuses on technological and financial aspects rather than making value judgments or emphasizing political implications.
