TEMPO.CO, Jakarta - Social media platform X launched its digital finance app X Money for paying customers in the United States.
As reported by TechCrunch on July 28, citing ANTARA, Users will receive a Visa X debit card that can be added directly to Apple Pay. They can then use it to make payments and transfer funds instantly and without fees or nominal limits between X Money users.
In addition to the digital card, users will receive a physical Visa debit card. This card claims to have no foreign transaction fees and to provide free cash withdrawals through ATM networks in various countries.
X Money also offers several incentives for customers of X's paid services. Premium customers who subscribe for US$40 (Rp722,920) per month or US$395 (Rp7.14 million) per year are entitled to an annual percentage yield (APY) of 6 percent.
Meanwhile, Premium customers who pay US$8 (Rp144,584) per month or US$84 (Rp1.52 million) per year can enjoy the same annual interest rate if they link direct deposit to their X Money account.
X also offers cashback of up to 3 percent on certain transactions. Users who activate direct deposit can also access incoming funds several days early.
The launch of X Money is part of X owner Elon Musk's long-term ambition to bring financial services into his platform's ecosystem.
In 1999, Musk founded the financial services company X.com, which later merged and evolved into PayPal. After acquiring Twitter in 2022, he renamed the platform X and repurchased the X.com domain name.
Since the acquisition, Musk has repeatedly stated that he wants to develop X into an all-in-one app that combines social media with various digital services, including financial services.
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