Elon Musk launched X Money - its own payment and banking service integrated into the social network X. This was reported by the head of the branch, Dhrrow Batura, noting that access to banking tools has been expanded for a wide range of users in the US. This move realizes Musk’s long-held ambition to turn the platform into a one-stop application that combines communication, commerce, and financial services on an Asian super-app model like WeChat.

The service offers users P2P transfers, debit cards and saving tools. Early testers point to attractive terms: 3% cashback on certain categories of purchases and 6% per year on savings accounts, roughly 15 times the market average. Client funds are insured by the Federal Deposit Insurance Corporation for up to $250,000 through partner bank Cross River Bank.

The platform is based on a partnership with Visa, which allows you to integrate traditional bank accounts with the digital wallet X Money and make instant transfers between users. However, the service faces serious challenges: companies need to obtain money transfer licenses in various US states, which may limit initial audience coverage. In addition, X Money faces stiff competition from established market players such as Zelle and Venmo.