World’s richesh person Elon Musk has officially entered the payments arena with the launch of his much talked-about service, XMoney this week. After the platform was made live to a select group of users in the U.S., many pointed out that the the physical cards coming with the service are too thick and a tough fit for the different kinds of ATM machines.
The physical metal cards that accompany user registrations on the service are among distinct features of the XMoney service. From the personalization standpoint, each custom card is personalized with the user’s own X handle inscribed into the metal. The card also features zero foreign transaction fees and flexible account options for users to manage daily spending, saving, business, and money transfers.
Members from the XMoney team have been actively replying to the feedbacks.
For now, the service has only reached a random selection of X’s premium plus users. As part of the feedback, many are now asking the team about a wider rollout of XMoney so they can use its P2P payment features imore broadly.
Other feedbacks on the service call for faster and smoother third-party bank integration with the platform. Present users of XMoney are requesting for instant credential logins complaining that the current manual verification process relies on slow micro-deposits that can take up to three days.
XMoney is part of Musk’s efforts of transforming X from just another social networking platform into an “everything app”.
The service will be offering a six percent annual percentage yield on cash holdings — surpassing Apple Pay and Cash App that offer 3.4 percent and 3.25 percent yields respectively.
As per reports, Xmoney provides up to $10 million in FDIC coverage via its sweep program, which is 40 times the standard $250,000 limit.
For now, its wider rollout timeline remains unclear. The platform creators wish to test its functionaloties thoroughly befefore making it fully live.
Musk, who has been an avid supporter of cryptocurrencies in the past, plans to integrates digital assets services onto XMoney in the coming months. The current live beta rollout, however, focuses strictly on fiat features.
The launch of the XMoney service comes just days after Musk’s SpaceX went public on Nasdaq raising its market valuation to a staggering $2.2 trillion during its opening week. At the time of writing, SPCX was trading at $151.81 with a loss of 1.07 percent.
