X Money is finally live and in the wild as the social media based Fintech is now offering services to US premium customers with expanded rollout anticipated to take place over time.
Current offerings include “industry leading” APY of 6% on deposits, 3% cash back on purchases and up to $10 million in FDIC insurance (via Cross River). Other services include peer to peer transfers in App, bill pay including wire and checks. What is missing is investing in crypto and traditional assets.
As the “phased rollout” continues no usage data is available but the goal of X Money is to become the everything App competing with both traditional banks, Fintechs, and other investing platforms. X’s established user base of over 550 million, and its integration with AI (Grok), creates a compelling offering for users.
Chargebacks911 CEO Monica Eaton, says that X Money’s true test is consistency and not payments. She believes X Money is part of a larger trend that is good for consumers as they gain more options as to how to move and manage money.
“The real question is not whether X Money works. It is whether consumers get the same protection regardless of which payment method they choose. Right now they do not,” claims Eaton. “A card transaction, a peer to peer transfer, and an in app wallet payment all carry different consumer expectations and different dispute protections, often for reasons that have nothing to do with the actual risk involved.”
Eaton is of the opinion that “inconsistency is the problem the industry has not solved.”
“Without consistent standards across payment types, there is no reliable way to measure quality or protect consumers equally, no matter how good the technology behind any one platform is,” says Eaton.
She believes the industry needs to build consistent expectations and protections for consumers, for all providers, including X Money.