Elon Musk is introducing a new money transfer feature on X with the launch of X Money.
Cross River Bank provides the new banking feature and will also include an X-branded Visa debit card.
According to the X Money website, the feature is currently available to select users in the United States who are 18 or older. It's unclear how eligibility is measured.
The feature is invite-only and is being progressively rolled out to users across America.
Here's what to know about X Money's early launch.
What's X Money?
X Money is a new fund transfer feature launched by the social media platform on July 27.
Those invited to X Money will see the "Money" tab in the X app's sidebar. To access the feature, users should tap it and follow the onboarding steps.
Users should ensure their
app is updated to the latest version to use the product.
How is the money protected?
According to the X Money website, the account is secured with passkeys for fast, safe authentication, and users can enable advanced security controls.
Moreover, funds are eligible for Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 through Cross River Bank. The insurance providers offer up to $10 million in coverage available through the Cash Sweep Program, the feature's insurance plan.
Transactions on the feature are private by default. However, people can opt to share certain transactions on the X timeline.
What are the benefits of X Money?
Premium+ users will be eligible for 6.00% APY when qualifying direct deposit requirements are met, according to the feature's FAQ.
The X Visa debit card has the following benefits, as listed on the feature's website: 3% cash back on eligible purchases, free cash withdrawals at any ATM worldwide, no foreign transaction fees and accepted everywhere Visa is accepted.
Since Visa's Zero Liability Policy protects the card, customers will not be held responsible for unauthorized charges.
USA TODAY contributed to this report.
Jordan Green covers trending news for The Commercial Appeal and Tennessee. She can be reached at jordan.green@commercialappeal.com.
This article originally appeared on Memphis Commercial Appeal: Elon Musk introduces money transfer service to social media app X
