Elon Musk's 'bank' is live. What it needs to threaten fintechs

Key insights: Elon Musk's X Money has launched to a select group of users, with a wider rollout expected.

What's at stake: Musk for years has been touting X's ability to be a platform for financial services, in competition with PayPal, Cash App and other fintechs.

Forward look: Analysts say X Money will face challenges due to the number of established fintechs already in the market.

After years of promising to turn X.com into a financial super app, Elon Musk has launched X Money, part of the technology tycoon's vision to monetize social media.

X Money has rolled out to an early group of invited users who will provide information that will inform a full release. The app includes a 6% annual percentage rate for deposits (held and insured by Cross River Bank), 3% cashback on payments, a Visa debit card and P2P payments.

X.com did not return a request for comment. X Money follows unsuccessful attempts to turn Twitter into a financial portal in the past. For example, the social network phased out an earlier BigCommerce-supported "buy button" in the late 2010s, saying it was deemphasizing e-commerce. Rival social media platform Meta, which operates Facebook, also stumbled with the D

Fuente original: Yahoo Finance (https://finance.yahoo.com/technology/ai/articles/elon-musks-bank-live-needs-194729114.html)