Musk introduces X Money transfer service

The social media platform "X" has launched a money transfer service called "X Money," which allows users to send money instantly to each other. The service is built on banking infrastructure from Cross River Bank and offers a Visa debit card branded with "X" that can be used at any ATM. Currently, the service is available only to invited users, with attractive offers including a 6% return on deposits and 3% cashback on purchases, provided a minimum deposit of $1,000 is made and users subscribe to premium services costing at least $8 per month. This move is part of Elon Musk’s efforts to establish a comprehensive financial function through the "X" platform, which previously founded an electronic bank and is now aiming to enter the money transfer market dominated by companies like Venmo and Zelle.