August M
Managing daily money used to mean visiting a bank branch.
Today, digital apps handle everything from instant payments to high-yield savings directly on our mobile phones. A major social network is now pushing that idea further by transforming its entire platform into an all-in-one financial hub, reports LADbible.
Heavy financial perks
LADbible reported that social media platform X has officially launched a new payment service, X Money, for US subscribers. The perk includes a six percent yield on savings and three percent cashback on eligible purchases.
Users can also receive paychecks up to two days early. Right now, access is strictly limited to adult US residents who hold Premium or Premium+ subscriptions.
Members can send cash instantly for free, store a virtual card in Apple Pay, and claim a fifteen dollar welcome bonus. A physical Visa debit card is also available for making ATM withdrawals and in-store payments.
Standard American savings accounts offer less than one percent interest. In contrast, X Money promises remarkably higher returns. To back those accounts, X relies on partner firm Cross River Bank to ensure user funds receive FDIC protection.
Pushback from Washington
Company leaders insist safety comes first. “Security is at the core of X Money,” the social media giant announced during the launch.
Despite those assurances, politicians and financial experts have raised sharp questions about the plan. They doubt it. Some analysts wonder how the platform can afford to pay out such high yield rates in the current market without taking major risks.
US Senator Elizabeth Warren warned that the move could endanger everyday users in an open letter to owner Elon Musk. “If your track record operating X is any indication of how you’ll operate X Money, consumers, our national security, and the stability of the financial system may be at risk,” she wrote.
“Your failure to operate X in a safe and responsible manner does not breed confidence in your ability to safely expand into consumer finance,” Warren added. The rollout marks Musk’s biggest effort yet to build an all-in-one platform.
Sources: LADbible
