X has officially launched X Money in the United States, expanding the service beyond its previous invite-only beta phase. The rollout begins today, targeting Premium and Premium+ subscribers.
X Money offers a comprehensive suite of financial services, including deposit accounts, peer-to-peer payments, and a Visa debit card, all integrated within the X platform. Users can send, receive, or request money instantly without incurring fees or facing transaction limits.
Premium+ subscribers benefit from an annual percentage yield (APY) of up to 6% on their deposits. Premium subscribers can also achieve this rate by meeting specific direct-deposit requirements. Additionally, eligible purchases made with the X Card earn 3% cash back.
Upon enrollment, users receive a virtual X Card, which can be seamlessly added to Apple Pay via Apple Wallet. For those preferring a physical option, a metal card is available, customizable with the user’s name and X username.
Deposit accounts associated with X Money are held at Cross River Bank, a member of the FDIC. New users may also receive a $15 welcome deposit upon joining the service.
The integration of X Money with Apple Wallet signifies a notable advancement in digital financial services, offering users a streamlined and efficient method to manage their finances directly from their devices. This move positions X as a formidable competitor in the mobile payment sector, challenging established platforms and potentially reshaping user expectations for digital financial interactions.
