Elon Musk’s payments and banking-focused “everything app” is said to be moving closer to reality amid many unanswered questions.
As Bloomberg News I mentioned Sunday (April 26), X Money, an offshoot of the social media platform XHe is expected to make his public debut soon, according to the schedule Shown in March.
The report added that early testers of the platform mentioned perks such as 3% cash back on eligible purchases and a 6% interest rate on cash savings, noting that this figure is equivalent to about 15 times the national average.
Musk has argued that payments are key to developing a “super app” similar to apps popular in China, telling employees in February: “We want it to be like, ‘If you want to, you can live your life on App X.’”
As covered here earlier this month, X Money is designed to connect Debit cardsSupporting instant financing through Visa Direct and allowing users to transfer funds between accounts and wallets without leaving the platform.
The ambition, as Musk has said in previous statements, is to cover user information “Your entire financial life” Including payments, balances and possibly investment activity.
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“This range means that X will be a Build class blur “It combines elements of wallets, neobanks, and brokerage interfaces. It also shifts the role of social platforms from influencing transactions to mediating them,” PYMNTS wrote.
If successful, Bloomberg said, X Money will combine social media and finance in a way never seen in the United States before. However, the super app model has not yet taken off in America, and there are many important details about X Money that are unclear.
For example, X Money still needs payment licenses in several states like New York, where lawmakers questioned whether they would trust Musk with people’s money, the report said.
While a savings rate of 6% will exceed the rates of companies like it Sufi and roadblockIt’s not clear if this number is permanent or part of an upgrade.
Richard Cronefounder Crone Consulting The longtime payments industry observer told Bloomberg he was skeptical about X Money’s chances.
He promised this vision More than two years ago“He said they would get it within a year. That might be a day late and a dollar short,” Krohn said.
Assuming the launch is successful, “the challenge is to prove that a platform designed for conversation can also serve as a trusted financial intermediary,” PYMNTS wrote. “This distinction requires clarity about how funds are handled and how users can access their funds in all circumstances.”
