Spending time on X (formerly Twitter) has now turned into income, if you regularly scroll through your timeline, you can earn thousands of dollars.
According to a report, social media platform X (formerly Twitter) has introduced its new financial service X Money across the US, after which premium users will now be able to use a variety of financial services, including banking and payments, without leaving the social media app.
According to the company, this service will be available to all premium and premium plus subscribers in the US from July 28. The move is being described as a major step towards Elon Musk’s vision of turning X into a complete ‘everything app’.
After an initial limited trial, this facility has now reached millions of users. Through X Money, users can get facilities like depositing money, sending money to each other without any transfer fees, paying bills, wire transfers and even sending physical checks.
The company has also introduced a Visa debit card for customers, which can be used like a regular bank card, and there will be no need to use a separate banking app for all these services, as the entire system will be available within the X platform.
According to X, customer funds will be kept safe at Cross River Bank, which is a member bank of the US FDIC, under which each customer’s deposits will receive federal insurance protection of up to $250,000 as usual.
In addition, the company has also introduced a cash swap program, under which customer funds can be distributed among different partner banks when certain conditions are met, which can provide a total of up to $10 million in FDIC protection.
The company says that Premium Plus customers will be able to immediately earn 6 percent annual percentage rate (APY) on eligible deposits, while Premium customers will be able to benefit from the same rate after meeting the specified direct deposit conditions.
Analysts say the rate is higher than traditional bank savings accounts and most high-yield savings accounts, putting X in direct competition with leading financial technology companies like Venmo Cash App and Sofi.
However, the service is currently only available in the US and there has been no announcement about its launch in other countries.
