Musk introduces X Money transfer

X (formerly known as Twitter) has launched its new money transfer service, "X Money," allowing users to send funds quickly to each other via the app. The service relies on banking technology and services from Cross River Bank and is currently limited to invited users only. It also offers a Visa debit card branded with "X." The service provides a 6% return on deposits and a 3% cashback on eligible purchases, provided users deposit a minimum of $1,000 and subscribe to "X's" premium services, which cost $8 per month. X aims to become a comprehensive app offering financial services—a goal that Elon Musk has previously pursued by founding an online banking company before selling and integrating it into PayPal. This move represents a significant step for X into the financial services market, which is currently dominated by apps like Venmo, Zelle, and Cash App.

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