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What is X Money? Elon Musks new app offers payments, banking and 6% yield
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NewsWorldWhat is X Money? Elon Musk's new app offers payments, banking and 6% yield X users can now send money, receive paychecks, pay bills, and use a Visa debit card without leaving the app. 3 min readJul 28, 2026 08:28 AM IST First published on: Jul 28, 2026 at 08:28 AM IST X has started a nationwide rollout of X Money. (File Photo) X has begun a nationwide rollout of ‘X Money’, a new financial service built directly into its social media app for Premium and Premium+ subscribers. The launch marks one of Elon Musk’s biggest steps yet toward turning X into an all-in-one platform combining social networking, payments and everyday banking.What does X Money offer? The service includes deposit accounts, instant peer-to-peer payments, a Visa debit card, and direct deposit, all without leaving the app. Subscribers can send money to other X users through their handles with no transfer fees, pay bills, send wire transfers, mail physical checks, and receive paychecks. Eligible users may get their paycheck up to two days earlier than a traditional bank deposit. With 𝕏 Money, you get:• Free, instant transfers on 𝕏• Up to 6.00% APY• 3% cashback on eligible purchases with the 𝕏 Card• Early direct deposit — up to two days before your normal payday• Wires, checks, and free ATM withdrawals• Fast, dedicated support when you…— X Money (@XMoney) July 27, 2026 The X Card, a Visa debit card linked to the service, offers 3 per cent cashback on eligible purchases, no foreign transaction fees, and free ATM withdrawals. It works anywhere Visa is accepted and supports digital wallets including Apple Pay and Google Pay. Security relies on passkeys rather than passwords, with users able to set transaction limits and add extra verification for certain payments. Premium+ subscribers can earn up to 6 per cent annual percentage yield on eligible deposits, while Premium subscribers can access the same rate after meeting direct deposit requirements. Who actually holds the money? X itself does not operate as a bank. Deposit accounts are held through Cross River Bank, an FDIC-member institution based in New Jersey, with standard FDIC insurance covering deposits up to $250,000 per depositor. Your money, on the world’s most powerful network𝕏 Money is rolling out to U.S. Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn— X Money (@XMoney) July 27, 2026 X also runs a cash sweep programme that spreads customer balances across several partner banks, which it says can extend combined FDIC pass-through insurance up to $10 million, though this protection only applies under specific conditions if a partner bank fails. Visa powers the debit card network and instant transfers through Visa Direct, a partnership dating back to early 2025.Story continues below this ad What are the current limits? The service currently supports only traditional currency, with no Bitcoin, stablecoin or blockchain-based transfers, though executives have said they’re open to adding stablecoin features later. X Payments currently holds money transmitter licenses in 41 states and Washington, DC, but has not yet secured approval in New York or Massachusetts, where regulators are still reviewing its plans. Senator Elizabeth Warren raised concerns in April about consumer protections, financial stability and national security risks tied to the service, pointing to past FDIC enforcement actions against Cross River Bank in 2018 and 2023. Whether X Money can clear remaining regulatory hurdles and convince users to treat X as their main financial hub remains an open question. (With inputs from agencies) The Express Global Desk at indianexpress.com which delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis. A major foc
BengaluruUpdated: Jul 27, 2026 05:56 PM IST Investigators claim Gameskraft-generated proceeds were layered through dividends, buybacks and investments after allegedly manipulating users on real-money gaming platforms (Image generated using AI).The Enforcement Directorate (ED)’s Bengaluru zonal office has provisionally attached movable and immovable properties valued at approximately Rs 1,906 crore belonging to Gameskraft Technologies, its shareholders, and associated entities, the agency said Sunday. This action is part of the probe into alleged money laundering involving Gameskraft’s RummyCulture application and other online gaming platforms after multiple FIRs were registered in Telangana. In May and June this year, officials conducted searches across the company’s office premises and the houses of its directors.According to the agency, Gameskraft Technologies and RummyTime Technologies operated online real money games, particularly online rummy games and tournaments, via mobile applications under brands such as RummyCulture, RummyPrime, Playship, and RummyTime. The platforms allegedly collectively amassed a user base of nearly 3 crore players across India. “Investigation revealed that a significant number of users were located in states where online real-money gaming is banned, including Telangana, Andhra Pradesh, and Tamil Nadu,” the agency stated. “These companies derived substantial revenue by charging platform commissions ranging from 10 to 15 per cent on wagering amounts deposited by users.” Allegations of BOT deployment and manipulation The agency alleged that while the companies assured players of a transparent, fair environment free of automated scripts, they deployed automated programmes (BOTs) against users. “The use of BOTs resulted in substantial financial losses to users while generating proceeds of crime for the companies,” the agency noted. The investigation also highlighted aggressive user-acquisition and retention practices. Approximately Rs 1,035 crore was spent on marketing and promotional campaigns, luring new users through bonuses, referral incentives, and free tournament entries. To prevent cash outflow, the companies allegedly imposed restrictive withdrawal mechanisms, including withdrawal levies ranging between 5 and 10 per cent, and incentivised players to convert withdrawable balances into non-withdrawable ‘Game Cash’ through ‘Super Booster’ offers. Dormant users who had stopped playing after heavy losses were allegedly targeted via push notifications, telemarketing, and instant cash credits to induce them back onto the platform.Story continues below this ad Layering and total seizures The agency stated that the proceeds of crime generated through these practices were layered and integrated via dividend payouts and share buybacks to shareholders. The funds were subsequently concealed in mutual funds, bonds, convertible notes, equity shares, and high-value real estate, including assets held through family trusts, it said. Before the provisional attachment order, the agency had frozen movable assets worth Rs 495 crore under the Prevention of Money Laundering Act (PMLA), alongside Rs 11 lakh in cash and 2.30 kg of gold and diamond jewellery. With the latest provisional attachment order, the total value of assets attached, frozen, or seized in the case stands at approximately Rs 2,401 crore. Ramesh Prabhu, former Group CFO of Gameskraft Technologies, was previously booked for allegedly siphoning off over Rs 250 crore from the company, most of which he reportedly lost in options trading.
New DelhiJul 20, 2026 09:57 AM IST Meta logo is seen on smartphone in front of displayed logo of Facebook, Messenger, Instagram, WhatsApp and Oculus in this illustration picture taken October 28, 2021. (Photo: REUTERS/Dado Ruvic/Illustration) Meta’s Instagram and Facebook social networks appeared to suffer some outages on Sunday, with users reporting issues with the app and website. Here are the details: According to Downdetector, there were 4,808 reports filed by Facebook users in the United States as of 0746 GMT, with 63% of users facing issues accessing the website.Another 2,829 reports were filed by Instagram users in the U.S. who faced issues with the app as of 0818 GMT on Sunday. Checks by Reuters also found that access to Facebook and Instagram was intermittent in Singapore. Meta did not immediately reply to a request for comment sent by email. © IE Online Media Services Pvt Ltd
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