X has begun offering beta invites to its X Money payments service through an unconventional promotion involving actor William Shatner. Elon Musk worked with Shatner to auction 42 beta invites in exchange for $1,000 donations to Shatner's charity. Beta users gain access to the X Money interface featuring deposits, peer-to-peer payments, and direct deposit with up to 6% APY. Deposits are held by Cross River Bank and FDIC-insured up to $250,000. X Payments holds money transmitter licenses in over 40 U.S. states and is powered by a Visa partnership. Musk plans a broader external beta rollout before a worldwide launch, positioning X Money as part of his 'everything app' vision to compete with Venmo, PayPal, and Cash App.
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