Elon Musk has been associated with online payments for decades now. Younger readers may not know this, but long before Tesla, SpaceX and X, there was a time where Musk helped build one of the companies that changed how people sent money online. Now he is back in financial services with X Money, a banking and payments service built into X.
The launch brings Musk back to the business that first made his name. X Money is rolling out to selected users in the United States and brings banking, payments and rewards into the same app people already use for social media.
Musk no longer has all that involvement with PayPal, but his history with the company gives the launch added context. The person who helped build one of the biggest online payment platforms now wants people to manage their money through X instead.
What Does X Money Have To Offer?
XX Money brings together services people would normally expect from a digital bank. Users can receive their salary through direct deposit, send money instantly to other X users, pay bills, transfer money, write electronic checks – even use a debit card.
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The service also has an annual percentage yield of up to 6.00% for eligible users, 3% cashback on qualifying purchases and up to $10 million in FDIC insurance through its Cash Sweep Programme. According to X Money, the interest rate is more than ten times the United States national average.
Security features are available; passkeys, transaction controls, privacy settings, to name a few. Also, users can lock cards in the app, set spending controls and contact customer support through an in app chat service available around the clock.
Why Is Musk’s PayPal History A Funny Part Of This Story?
The launch brings Musk back full circle to an area where he had his first successful business – before becoming known for electric cars and rockets, Musk co founded X.com, an online financial company that later became part of PayPal after a merger with Confinity. PayPal went on to become one of the world’s best known digital payment services after changing how people sent money over the internet.
X Money instead puts banking and payments on X, so users can chat, read posts and send money from one app. It also adds direct deposits, cashback, debit cards and bill payments, so it’s closer to a digital banking service than it is to being a payment app.
Could X Money Rival PayPal?
With the features we’ve discussed, X Money clearly already has many of the services people use PayPal for. Users can send money instantly, receive payments and manage everyday spending from one account.
The difference is that X wants users to carry out more financial activities through its platform instead of using separate banking apps.
Something that X Money falls short on is that its only available in the United States, whereas PayPal is available across many countries.
More than twenty years after helping build PayPal, Musk has returned to digital payments. This time, X Money brings banking services, payments and social media all into one platform – one of the latest products in his long involvement with online finance.
