Elon Musk Expands X with Full Scale Digital Banking Services

Elon Musk has taken another major step toward transforming X into an all in one digital platform by launching full scale banking services in the United States. The new feature called X Money is currently available for Premium and Premium Plus subscribers, bringing financial services directly into the social media app.

With X Money, users can perform a wide range of banking activities without leaving the platform. The service allows customers to deposit funds, transfer money between accounts, pay bills, send wire transfers, and even issue cheques, making X much more than a traditional social networking platform.

The banking deposits will be managed through Cross River Bank based in New Jersey. Customer deposits are protected by Federal Deposit Insurance Corporation coverage of up to 250000 dollars, providing an additional layer of security for users. Premium Plus subscribers are also expected to receive annual interest rates of up to six percent on eligible deposits.

This launch is part of Musk’s long term vision of turning X into an Everything App similar to China’s WeChat. His goal is to combine social networking, messaging, digital payments, and financial services into a single platform that people can use for everyday activities.

Industry experts believe the new service could increase competition in the digital payments sector, challenging established platforms such as PayPal and Cash App. If widely adopted, X Money could become a significant player in the growing fintech market.

However, the announcement has also attracted attention from policymakers. US Senator Elizabeth Warren has raised concerns about the high interest rate being offered, questioning whether the product provides sufficient safeguards for consumers and financial stability.