Now don’t just post on X, send money too! Elon Musk launches ‘X Money’, know its amazing benefits

New Delhi: The world’s richest businessman Elon Musk has launched a financial service named ‘X Money’, giving a new direction to his social media platform X. Through this new facility, users will be able to send money to each other instantly. At present this service has been started only for selected people and it has been kept invite-only. This is part of Musk’s bigger vision, in which he wants to make "Everything App" Want to make.

At present only selected users will get the facility

Currently, X Money can be used only after receiving an invitation. Initially this facility is being provided to X Premium subscribers. Users who get access will also be given an X branded Visa debit card.

This card can be used at all those ATMs and shops where Visa cards are accepted. Apart from this, users will be able to transfer money to other users in real time within the X platform.

6% annual interest and 3% cashback offer

To make X Money popular, the company is also giving attractive offers. Customers will get 6 percent annual return on the deposited amount. However, for this, a balance of at least US $ 1,000 will have to be maintained in the account. Besides, membership of X Premium will also be required.

Apart from this, up to 3 percent cashback will also be available on eligible purchases made through Visa Debit Card. The company hopes that these features will connect more and more people to the platform.

Not a bank, but bank like facilities

X Money itself is not a licensed bank. This service is being operated in collaboration with Cross River Bank, which provides banking infrastructure. This means that all the regulatory work related to banking will be handled by the partner bank, while the customers will get the complete experience in the name of X Money.

Competition will increase in digital payment market

The entry of X Money has come at a time when many big platforms are already present in the digital payment sector. In such a situation, the biggest challenge before X will be to win the trust of people and motivate them for financial transactions on its platform.