💰 The payment functionality of the social network “X” has finally entered the public beta phase…

💰 The payment functionality of the social network “X” has finally entered the public beta phase…

The social network X (formerly Twitter) has launched the public beta phase of its payment system. To participate in this early stage, the platform used an unusual promotional filter: an invitation could only be obtained by users who donated $1,000 to the charitable foundation of actor William Shatner.

It is worth noting that this initiative involves the X Money digital wallet, for which around ten U.S. states had previously refused to grant operating licenses.

➡️ What does it include? — screenshots published by actor Shatner show a metal debit card from X Money with the user’s name, fund custody through Cross River Bank, as well as deposit insurance of up to 250 thousand USD per person through a partner bank. The beta interface of X Money includes the tabs Account, Rewards and Activity, the buttons deposit/send/request, as well as the direct deposit option.

➡️ Benefits: the wallet offers returns of up to 6% annually on deposits. These returns will be provided through FDIC-insured partner banks, including Cross River. In addition, the service does not charge fees for foreign currency transactions.

➡️ Security: through two-factor authentication.

➡️ Future plans: Through X Chat, the company is also testing the development of a standalone messaging application, aiming to compete directly with services such as Venmo, PayPal, and Cash App.

➡️ When will it launch? The rollout for general users is expected in April.

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