As Elon Musk nears his goal of launching X Money, the banking and payments platform built inside X, early access users reported competitive benefits.
According to the early users, creators who already receive money through X would be transferred from Stripe to X Money as their primary payment platform. Some users are also testing transferring payments through the social media platform’s chat feature or directly through the profiles.
X did not immediately respond to Benzinga’s request for comments.
Regulatory Concerns Over X Money
Notably, Musk’s fintech initiative is yet to receive payment licenses from several states, including New York. Moreover, other details regarding the complete set of features and pricing remain unclear.
Sen. Elizabeth Warren (D-Mass.), the Senate Banking Committee ranking member, is questioning Elon Musk’s suitability to run X Money, raising concerns about potential stablecoin plans, user data surveillance, and safeguards against fraud and illicit activity.
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