X Money has started rolling out its financial services to Premium and Premium+ subscribers in the United States, offering a suite of banking features integrated directly into the social media platform. The new service provides an attractive 6% annual percentage yield, instant peer-to-peer transfers between users, and a Visa debit card that rewards 3% cashback on eligible purchases.
Banking integrated into social media
The offering includes early direct deposits users can receive payments up to two days before the scheduled date wire transfers, checks, fee-free ATM withdrawals, and dedicated customer support. Powered by Cross River Bank, the infrastructure ensures compliance and access to payment networks, holding customer deposits and managing fund movements within the ecosystem. This partnership enables X Money to provide insured deposit accounts up to $250,000 per individual through the FDIC.
Enhanced security and increased deposit protection
To maximize coverage, X Money automatically enrolls deposits into a cash sweep program that spreads funds across multiple participating banks, extending FDIC insurance protection up to $10 million in total. The platform employs passkeys for solid account authentication and allows users to set customized transaction limits with extra approval steps. Visa supports transaction security and risk management for all card operations, reinforcing trust in spending and transfers made through the X Card.
This launch marks a significant step for the platform's ambition to become a full financial and communications hub by embedding core banking functions within its existing social network. Related initiatives in the financial space include strategic Bitcoin price forecasts that highlight growing investor interest in digital assets.
