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🇮🇩 Indonesia /Technology

X Launches Digital Finance App X Money in US

From Tempo · () Indonesian

Translated from Indonesian, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • X, formerly Twitter, has launched its digital finance app X Money in the United States.
  • Users can get a Visa debit card for fee-free payments and fund transfers, with premium subscribers receiving incentives like a 6% APY.
  • The app is part of owner Elon Musk's vision to integrate financial services into the X platform, echoing his past venture with X.com, which evolved into PayPal.

X, the social media platform formerly known as Twitter, has officially launched its digital finance app, X Money, in the United States. This move marks a significant step in owner Elon Musk's long-term ambition to transform X into an all-in-one platform that incorporates financial services.

Users will receive a Visa X debit card that can be added directly to Apple Pay. They can then use it to make payments and transfer funds instantly and without fees or nominal limits between X Money users.

— Tempo.coDescribing the functionality of the X Money app and its associated debit card.

Users of X Money will receive a Visa debit card, which can be added to digital wallets like Apple Pay. This card facilitates instant, fee-free payments and fund transfers between X Money users. A physical Visa debit card will also be issued, offering no foreign transaction fees and free ATM withdrawals globally.

The app introduces several benefits for X's paid subscribers. Premium customers who pay $40 per month or $395 annually can earn an annual percentage yield (APY) of 6 percent. A lower-tier Premium subscription, costing $8 per month or $84 annually, also offers this interest rate if users link direct deposit to their X Money account. Additionally, users can receive up to 3 percent cashback on select transactions and access incoming funds early by activating direct deposit.

Premium customers who subscribe for US$40 (Rp722,920) per month or US$395 (Rp7.14 million) per year are entitled to an annual percentage yield (APY) of 6 percent.

— Tempo.coDetailing the incentives offered to higher-tier X premium subscribers.

This launch is a key component of Musk's strategy to embed financial services within the X ecosystem. Musk has a history in financial technology, having founded X.com in 1999, which eventually merged to become PayPal. Since acquiring Twitter in 2022 and rebranding it as X, he has consistently expressed his desire to create a comprehensive digital hub.

Since the acquisition, Musk has repeatedly stated that he wants to develop X into an all-in-one app that combines social media with various digital services, including financial services.

— Tempo.coExplaining Elon Musk's long-term vision for the X platform.
DistantNews Editorial

Originally published by Tempo in Indonesian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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