tech
Elon Musk finally launches X Money. What could possibly go wrong?
Expect bumps with X Money rollout as major US financial markets are excluded.
TL;DR
- X Money has launched for US Premium and Premium+ subscribers, offering features like cashback and a 6% annual yield.
- Current limitations include peer-to-peer payments only to other X Money users (18+).
- X Money is not accepted in New York and Massachusetts due to the absence of money transmitter licenses.
- Experts suggest these limitations could significantly hinder widespread adoption and user experience.
- Users face potential risks such as account freezes (up to 180 days) for policy violations or detected "unusual activity".
- X's customer support is limited, relying heavily on in-app chat and automated bots.
- X withdrew its application for a money transmitter license in New York after warnings from a law firm.
- Senator Elizabeth Warren has raised concerns about X's ability to handle dispute resolution and fraud remediation.
- The app's reliance on Cross River Bank as a partner also raises questions due to prior enforcement actions against the bank's fintech partners.