Last year X announced Cooperation with Visa X aims to create a kind of personal finance ecosystem within the app. It was easy to miss Musk last month claims This payment and banking platform within X was apparently intended for “X Money”. limited public release form month April.
It is April 26th as I write this.
Like Bloomberg noted on Sunday, that timeline would theoretically mean some kind of release of an X-based personal finance feature within a few days.
It’s up to you whether you take Elon Musk’s word for a rollout timeline, but Bloomberg says people are testing the service and say it has “competitive advantages” like 3% cash back on certain transactions, and apparently a savings account option that offers 6% interest, which Bloomberg estimates is 15 times the interest rate on the average U.S. savings account.
Other details about the service apparently include the user’s X-branded metal debit card emblazoned with an @ handle, account activity monitoring by an “AI concierge” developed by xAI, and peer-to-peer money transfers.
In some circles, “X, the everything app” has become a derisive way of referring to the social ecosystem within Elon Musk’s app, usually when there’s some nasty trend going on there. But it’s easy to forget that this comes from something Musk tweeted in July 2023 (year). After buying Twitter).
“Twitter was acquired by X Corp. as both an enabler for free speech and as an accelerator for X, the Everything app,” Musk said he wrote. Additionally, “In the coming months, we will add comprehensive communications and the ability to manage your entire financial world.”
He said in the same post, “we have to say goodbye to the bird,” and at any cost, that promise was kept.
Bloomberg notes that this kind of financial app must be allowed in all 50 states, which slows things down for X Money.
Massachusetts Senator Elizabeth Warren sent a letter to Musk earlier this month Asking a long list of questions about X’s plans for consumer protection within the X Money feature. The letter hints at the possibility of future regulatory scrutiny, particularly under a less Musk-friendly presidential administration.
