Elon Musk Vies to Turn X Into Super App With Banking Tool Near Launch
Source: Slashdot
Overview
More than three years after acquiring Twitter, Elon Musk says he’s nearing his long‑stated goal of turning the platform into an “everything app” with a new financial services tool slated for public launch this month. Early users testing the service have reported competitive perks, including 3 % cash back on eligible purchases and a 6 % interest rate on cash savings—roughly 15 times the national average.
Features
- Cash‑back rewards – 3 % on qualifying purchases.
- High‑interest savings – 6 % APY on cash balances.
- Free peer‑to‑peer transfers within the app.
- Metal Visa debit card personalized with a user’s X handle.
- AI concierge built by Musk’s xAI startup that tracks spending and sorts past transactions.
Strategic Context
Musk, who co‑founded PayPal, views payments as essential to creating a super‑app similar to China’s WeChat, which lets users hail rides, book flights, and pay bills. If successful, X Money would sit at the intersection of social media and finance in a way no American product has attempted at this scale.
- Creators currently receiving payments from X for engagement will be switched from Stripe to X Money as their payment platform, providing an initial base of active accounts.
- Early participants have tested sending payments to one another through the app’s chat feature or directly via user profiles.
Regulatory Status
X currently holds licenses in 44 U.S. states according to its website. The service is unlikely to operate in states where a license has not been obtained.
Read more of this story at Slashdot.