More than three years after acquiring Twitter, now known as
Based on the timeframe provided by Musk last month, X Money, the banking and payments platform built within the social network X, is expected to be available to the public for the first time soon. Early users of the service praised its competitive offers, including 3% cash back on qualifying purchases and 6% interest on cash savings — the latter about 15 times the national average.
According to reports from early users, Musk's new product is also expected to offer free peer-to-peer transfers, a metallic Visa debit card printed with User X's signature, and an AI steward service developed by Musk's startup xAI to track consumption and organize past transaction records.
Musk first rose to prominence in Silicon Valley when he co-founded PayPal Holdings Inc. manage. He sees payments as critical to building a super app similar to China's popular social products. WeChat, for example, allows users to hail rides, book flights and pay off credit cards. "We want it to be so, if you want, you can live your life on X app," Musk told employees in February.
If the plan comes to fruition, X Money will be at the intersection of social media and financial services on a scale never attempted by a U.S. product. However, this super app model has yet to really take off in the United States. Several key details about Musk's payments project remain unclear, including how it will be priced, what features it will have, and when it will be fully launched.