00:01Elon Musk's social media app, X, began offering its XMoney banking service to all its US Premium and Premium Plus
00:08subscribers on Monoday.
00:10XMoney allows users to make peer-to-peer payments, pay bills, and send checks.
00:17The service expands on features tested in late June, allowing customers to hold deposits at Cross Riverbank with insurance up
00:24to $250,000.
00:27Offering an annual yield of up to 6%, XMoney aims to turn the platform into a Chinese WeChat-style everything
00:34app and compete with Venmo and Cash App.
00:38However, the high yield sparked scrutiny in Washington, where Senator Elizabeth Warren questioned how XMoney would generate revenue to pay
00:45the yield.
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