Elon Musk is gearing up to introduce a novel financial service named X Money, which is slated to integrate into the X platform ecosystem (formerly known as Twitter). Reports from Bloomberg suggest that the application might commence operations within the United States before April concludes.
This application is set to provide users with commission-free fund transfers, cashback offers reaching up to 3% in select spending categories, and annual yield on account balances of as much as 6%. Furthermore, the service’s feature set will encompass an AI concierge designed to assist with personal financial management.
In addition to these features, X Money plans for the issuance of a physical bank card operating on the Visa payment network.
This venture aligns with Musk’s ongoing ambition to forge a comprehensive “super-app” that merges both communication and financial functionalities. It is noteworthy that the entrepreneur previously played a foundational role in the evolution of the payment sector through his involvement in establishing PayPal.
However, the company has yet to secure the requisite operational licenses across several US states, notably including New York, a situation that could potentially impede the rapid expansion of the service.
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