The X platform, formerly Twitter, has moved another step closer to becoming an "everything app" by launching X Money for X Premium and Premium+ subscribers, allowing users to deposit funds, transfer money and pay bills directly within the official application.The key feature of the X Money service is the integration of financial services straight into the X platform. Users can deposit and transfer money without transaction fees, whether sending funds to individuals or paying various bills.
Users can also sign up for a metallic Visa debit card named the "X Card". Cardholders can choose whether to display their real name or their X handle on the card. The X Card allows fee-free cash withdrawals at ATMs worldwide without foreign transaction fees, making it suitable for those who want a single account for savings, money transfers and daily spending. In addition, cardholders receive 3% cashback on eligible purchases made with the X Card.
Furthermore, X Money highlights an attractive annual interest rate of up to 6%, with its Premium and Premium+ subscribers eligible to earn this rate.
On the security front, X Money supports Passkey authentication, offering a faster and safer alternative to traditional passwords. Every transaction is protected by Visa's security and risk management tools. Deposit accounts are held at Cross River Bank, an FDIC member, providing standard insurance coverage of up to US$250,000. User deposits are automatically placed into a Cash Sweep programme, which can extend total combined FDIC deposit insurance coverage up to $10 million.
