X Money

I recently got access to @Xmoney and spent the last few days testing it. super impressed with the attention to detail their product team put into the experience. here are 6 of the most interesting features: 1) your transaction are connected to X (social finance) when you spend at a merchant that has an X account, X Money links the transaction directly to their profile. such a small detail, but probably one of the most unique features i’ve seen in fintech. such a cool way to bring X’s social layer directly into finance. 2) onboarding and KYC is ridiculously fast X already knew my name, phone number, and address because I'm verified for creator payouts. all they needed was the last four of my SSN and that was basically it. no ID upload. no selfie. no long application. took me less then ~60 seconds to have my account open and card added to Apple Pay. 3) P2P payments are built directly into X you can send money directly to other X users instantly and for free, very similar to how Cash App works. no bank details or payment information needed. just find the person on X and send. this gets really interesting at scale given X has 700M active monthly users. 4) your money is separate from your X account this is probably the main concern most people have: what happens to your money if your X account gets banned? your X Money account stays separate. even if your X account gets suspended or banned, you still retain access to your money. 5) they give every new user $25 to start smart onboarding mechanic. instead of opening a new account with a $0 balance, you immediately have $25 to play around with and make your first transaction. basically paying you to build the habit of using X Money. 6) incentives are insanely strong they're offering up to 3% cashback and 6% APY on your balance. pretty generous incentives designed to drive early adoption, but I wouldn't expect these to last forever. but a great way to give people a reason to move money in and actually start using the product. overall, really impressed with what the product team has built so far. the way I see it, there are two outcomes: worst case, X Money becomes a serious competitor to Cash App, PayPal, and Zelle. best case, they add stablecoins, expand globally, and start turning X into the financial super app Elon has been talking about building for decades. either way, X already has the hardest part figured out, that most fintech's dream of: distribution.