Visa Inc. Class AVisa debit card is used in X Money, potentially increasing transaction volume
Elon Musk's social media company X launched X Money, an invite-only bank account-like service that lets users send money to one another in real time. The service is built on banking infrastructure from Cross River Bank and includes an X-branded Visa debit card usable at any ATM. To attract customers, X Money offers a 6% yield on deposits of at least $1,000 and 3% cashback on eligible purchases, but users must also subscribe to X's premium services, which cost at least $8 a month. Invitations are currently limited to X's paying members. The launch advances Musk's long-stated goal of turning X into an everything app that includes financial services, entering a competitive market dominated by Venmo, Zelle, and Cash App.
Visa Inc. Class AVisa debit card is used in X Money, potentially increasing transaction volume
Block, IncX Money competes with Block's Cash App in the peer-to-peer payment market