Elon Musk launches invite-only X Money where users can send cash to one another

X, formerly Twitter, has launched an invite-only service called X Money, allowing users to send cash to one another. This product functions like a bank account but is not a new bank itself. Instead, X Money utilizes the technology and banking services of Cross River Bank, branding this infrastructure as X Money. Currently, invitations are extended only to X's paying members. Users will receive an X-branded Visa debit card for ATM use, and the service enables real-time money transfers between X users. This approach allows X to offer financial services without the extensive process of chartering its own bank.

X, formerly Twitter, has launched X Money, an invite-only financial service allowing users to send money to each other in real-time. The product, which utilizes Cross River Bank's technology, offers users an X-branded Visa debit card. Currently, invitations are limited to X's paying members. To attract customers, X Money is offering a 6% yield on deposits of at least $1,000 and 3% cashback on eligible purchases, though earning the yield requires a minimum deposit of $1,600 to also cover X's premium service cost. This move aligns with Elon Musk's vision of transforming X into an "everything app" and enters a competitive market with established services like Venmo and Cash App.