Elon Musk's X Money Debit Card Spotted In Action In New Payment Video
Elon Musk‘s X Money payments service may have gotten a major boost as a user shared a video of making a transaction using the service’s debit card.
X Money Debit Card In Action
On Thursday, user Josh Wood took to the social media platform X to share a video of him making a transaction at a chain gas station. “Recorded for posterity,” Wood said in the caption, showcasing the metal debit card touted by Musk. He then thanked the Tesla Inc. (NASDAQ:TSLA) CEO, as well as actor William Shatner, for beta access to the platform.
The card, which appears to be made out of metal, featured Wood’s full name, as well as his official X handle, something that has been touted by Musk and Shatner in the past.
William Shatner Shares X Money Details
Recently, Shatner shared details about the platform and announced the beta rollout of the service. X Money will offer 6% APY (annual percentage yield) on the account, as well as a $25 welcome gift to users of the platform. Shatner also shared that the debit card could be personalized with a user’s official X handle.
The platform is a step towards Musk’s everything app goals, as last year, the company had announced a partnership with Visa Inc. (NYSE:V) in a move touted by CEO Ryan McInerney that would enable “600 million or so active monthly users of X to fund their X Money accounts.”
Chamath Palihapitiya Weighs In
Meanwhile, Social Capital co-founder and entrepreneur Chamath Palihapitiya thinks that the users on the social media platform X could turn their identity on into “a crucial financial asset” due to the X Money platform, as other users touted it as a one-stop financial hub.
Elsewhere, author Nassim Nicholas Taleb shared that the X Money payments service could be better than Bitcoin (CRYPTO: BTC), adding that there must be competition within private currencies. However, it’s worth noting that Taleb has been a vocal critic of Bitcoin.
Robinhood’s Platinum Card
Trading platform Robinhood Markets Inc. (NASDAQ:HOOD) also revealed its new Platinum card, available for an annual fee of $695, offering a range of benefits, including a $250 per year credit for autonomous rides, a $120 credit for the Transportation Security Administration’s (TSA) Global Entry and PreCheck programs and more.
Amid the launch of the card, Robinhood’s new banking division crossed over $1 billion in deposits four months after its launch, signalling a shift towards the platform’s future as a financial ecosystem.
Photo courtesy: Shutterstock/Joshua Sukoff