Nowadays cash transactions are practically a thing of the past. Be it a cup of tea or something expensive, almost everyone pays online. There are multiple platforms for that. Elon Musk’s ‘X’ is now added to that list. It is known that this time the transaction can also be done in ‘X’.
What exactly is the matter? Currently ‘X Money’ is being launched on invitation only basis. For now only premium users of ‘X’ can use this feature. It is known that invitations are being sent to eligible users on behalf of the platform. They will get an ‘X’ brand Visa Debit Card. The card can be used at ATMs. According to the company, users can send money to other ‘X’ users in real-time. The company expects ‘peer-to-peer’ (person-to-person) payment systems to become a major feature of the platform.
‘X Money’ is much like a digital bank account but it will not work like a licensed bank. It is understood that by partnering with an established financial institution, ‘X’ is launching various banking-style services without the hassle of building its own bank. It should be noted that the company will give interest up to 6 percent per annum on the money deposited in the X Money account. But for that, a minimum of USD 1,000 must be deposited in the account. Also X Premium membership is mandatory. The minimum monthly cost of which is 8 USD. Besides, the facility of cashback of up to 3 percent will also be available on certain purchases on the debit card.
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