X Money has officially launched as it bids to become a financial super app, bringing X one step closer to Elon Musk’s future vision for the platform.
X Money was rolled out to US-based Premium and Premium+ subscription accounts on July 27.
Announced on the X Money account for the the same social media platform, the new service is promising to deliver instant peer-to-peer in-app transfers, up to 6% APY on balances, 3% cashback for eligible purchases with the X debit card, early direct deposits two days before payday – alongside free ATM withdrawals, wires and checks.
Musk has long-envisioned morphing X into a financial super app – similar to China’s WeChat – since acquiring the social media platform in October 2022 for $44bn.
He began by establishing X Payments LLC., to act as the leading company behind X Money and a subsidiary of X Corp.
Now that X Money has been launched, deposit limits have been set to $10m per day and $2m per transfer in accordance with Automated Clearing House (ACH) guidelines. There is no limit on deposits for bank cards. Deposit checks will be carried out for $20,000 per transaction, $20,000 per day, and $45,000 per second.
Withdrawal limits have been set to $20m per day, $5m per transfer, while bank cards limits are $5,000 per day, $15,000 per 30 days. Checks will be carried out for withdrawals at $25,000 per transaction.
There are no limits on how much a user can transfer to another X Money user. Wire transfers do have limits however; $75,000 per day, and $250,000 per 30 days. Checks are set for $40,000 per day, and $75,000 per 30 days.
Purchases using the X Card are capped at $25,000 per day, and $2,000 per day for withdrawals.
X user @nichxbt received early access to X Money and trailed the payment process of sending $1 to Musk.
Cross River latest backer of X Money
Alongside the launch, X Money has announced a partnership with Cross River Bank to help the social media’s in-app payment service support its peer-to-peer payments capabilities.
Cross River will integrate its regulated banking infrastructure into X Money so users can access payment rails, and it is insured to hold up to $250,000 in reserves for users.
Cross River becomes the latest financial institution to back X Money after Visa Direct partnered with the social media payments app to deliver its Visa digital wallet accounts, accepting peer-to-peer transactions.
X Money has also become the first social media platform to become a Federal Deposit Insurance Company (FDIC) insured banking service. The platform has also acquired several money transmitter licences in 41 US states.
Cross River CEO, Gilles Gade, has lauded the partnership with X Money in a post on the social media platform.
“We’re very proud and honored to roll-out the very first social media FDIC-insured banking platform in partnership with X,” said Gade.
“This is a game changer for consumers and the market at large from a technological, banking, and lifestyle perspective. Much more to come in the coming weeks.”
How can Cross River support X Money?
As a regulated US bank and entity, Cross River will be able to protect X Money users’ funds and deposits due to its compliance with FDIC standards.
It also offers its embedded banking services, such as wallet balances, tipping, payouts and engagement monetisation infrastructure, to X Money users.
X Money has already announced updates to its user monetisation services. Benji Taylor, Head of Design at X, confirmed a new ‘dynamic trays’ user interface will be introduced for more seamless user withdrawals.
Cross River has increased its focus on supporting social media payments with its embedded services. The US bank supports apps like X with multi-rail, programmable money options with transparent controls. With X handling the user interface, Cross River can deploy its payment and banking services to help support Musk’s payments vision for X.
“When fully available, X Money will deliver to hundreds of millions of X users intuitive and elegant payments and account functionalities with the full consumer protection and trust of a regulated entity,” added Gade.
