Elon Musk launched a new banking feature, X Money, along with an X-branded Visa debit card, allowing users to send money to each other on the social media platform.
X Money is invite-only, and it uses services provided by Cross River Bank.
According to the X Money website, the feature is currently available to select users in the United States who are 18 or older; however, the company is working to expand access soon. It's unclear how eligibility is measured.
Here's everything to know about X Money and whether you qualify.
What's X Money?
X Money is a new fund transfer feature launched by the social media platform July 27.
Those invited to X Money will see the "Money" tab in the X app's sidebar. If users want to access the feature, they 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, accepted everywhere Visa is accepted.
Since Visa's Zero Liability Policy protects the card, customers will not be held responsible for unauthorized charges.
Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at mdelrey@usatoday.com.
This article originally appeared on USA TODAY: Elon Musk launches X Money, X-branded Visa card. See new feature
