Elon Musk launches X Money payment service for X social network users
Company X has launched the X Money payment service for X Premium and Premium Plus subscribers. The launch of the service marks another step by Elon Musk in transforming the X social network into an all-in-one super app.
The platform offers users a digital wallet, free peer-to-peer money transfers within the network, and Apple Wallet integration. Subscribers can also order a metal Visa card featuring their username.
Premium Plus clients are offered an accrued yield of up to 6% per annum, while basic Premium subscription holders will need to make a minimum deposit to earn returns.
Previously, the payment system operated in a test mode by invitation, and transitioned to an early public access format in April. Now, financial features have become available to all paid subscribers of the platform. The launch of the project has drawn mixed reactions: in particular, U.S. Senator Elizabeth Warren expressed concerns regarding financial security and user data protection.
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