According to Bloomberg, X, in partnership with Visa, may launch the X Money financial service in a limited format by the end of April. The project is part of Elon Musk's strategy to transform X into a 'super app' combining social networking, payment services, and financial tools.
In the first phase, users may be offered savings accounts with up to 6% annual yield, free peer-to-peer transfers, and up to 3% cashback on purchases. The company is also discussing the issuance of a branded debit card and the introduction of AI-powered financial management tools.
However, the launch of X Money is complicated by regulatory requirements: full operation in the US requires approvals from all states. Senator Elizabeth Warren has already requested clarifications from the company on user protection issues.
The project is drawing additional attention as Musk aims to create a Western counterpart to super apps popular in the East, such as WeChat.
