Elon Musk launches bank-like X Money, with ‘X’-branded debit cards
Elon Musk’s social media company X has launched its own bank account-like product where users can transfer money to one another.
What is X Money?
The Associated Press reported that it’s typical for new financial organizations to use a traditional bank’s system to launch its services.
X Money is invite only, and users will receive a “X”-branded Visa debit card that can be used at any ATM.
X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases. According to the AP, if you want to earn a 6% yield, a consumer will need to deposit roughly $1,000 into an account.
The launch of X Money comes amid a competitive marketplace featuring PayPal’s Venmo money transfer service and other money transfer services like Zelle and Cash App.
Original source: https://www.livenowfox.com/money
