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Meta (formerly known as Twitter), owned by Elon Musk, has launched "X Money," a service that offers deposit accounts with an annual yield of up to 6% on eligible balances within the U.S. market. The service is part of X's transformation into a "super app" encompassing social media, financial services, and e-commerce. It allows users to open deposit accounts, make instant transfers, receive salaries, pay bills, and manage transactions through an integrated digital wallet. "X Money" relies on CrossRiver Bank to ensure the security of funds, with protection up to $10 million. It provides both virtual and physical Visa cards and supports integration with popular electronic payment services. The success of this service depends on building trust, regulatory compliance, and cybersecurity. The current focus is on the U.S. market before expanding into European and Gulf markets. This model is expected to reshape competition in the digital payments sector and strengthen the integration of technology with banking services.
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