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The platform X, associated with Elon Musk, has introduced X Money, its own financial services solution. This new service was made available on Monday, July 27th, exclusively for subscribers of the paid plans X Premium and Premium Plus, provided they are over 18 years old, and is restricted to the United States.

X Money Features and Mechanism

X Money operates as a digital wallet integrated directly into the social network's interface. By activating this financial feature, the user obtains a deposit account linked to their profile on the platform. This allows for the immediate sending, requesting, and receiving of funds from other registered accounts without imposing strict daily limits or charging fees, resembling dynamics like Pix.

The company announced that the balance held in the wallet can yield up to 6% per year. Furthermore, the service offers advantages such as salary advance and exemption from costs on international purchases. There is also a cashback program that returns 3% of the amount spent in qualified transactions using the debit function.

Eligibility Conditions and Incentives

It is important to note that the granting of benefits follows a progressive scheme. Only subscribers at the highest level, Premium Plus, are automatically entitled to the maximum rate of 6% per year. Users with the standard Premium subscription can also achieve this profitability, but this depends on meeting certain deposit goals.

To encourage quick adoption of the tool, new users are receiving an initial bonus of $15 USD in balance, which is equivalent to approximately R$ 80 at the current exchange rate.

Payments and Device Integration

The payment structure includes a virtual debit card issued by the Visa brand. As reported by 9to5Mac, this X Card can be integrated with Apple Wallet to make contactless payments via Apple Pay, with this functionality expected to extend soon to Android devices.

For those who prefer a physical version, Elon Musk's company also allows the request of a metal card. A distinctive feature of this edition is the ability to customize the card by engraving the username (the X handle) on its front face.

Banking Partnership and Security

The social network's foray into the banking sector raises discussions about regulation and security. X Payments LLC, the corporate entity responsible for managing the platform, does not hold an autonomous banking license. To meet legal requirements, the company established a collaboration with Cross River Bank.

As an official partner of the Federal Deposit Insurance Corporation (FDIC), deposits made in X Money are covered by federal protection against bankruptcy, functioning analogously to the Credit Guarantee Fund (FGC) in the Brazilian financial system.

Strategic Vision and Expansion

X Money is part of Elon Musk's project to develop a 'super app,' following the Asian model of WeChat. The purpose of this project is to consolidate user attention and data, bringing together text communication, video streaming, artificial intelligence tools, and banking services in one place.

Currently, access to X Money banking services is limited to residents of the United States. No official timeline or expansion map has been disclosed by X, meaning there is no forecast for an official launch in Brazil. If expansion to new markets occurs, the process will be gradual, requiring adaptation to regulatory standards, such as LGPD in Brazil, in addition to evaluations, licensing, and approvals from competent authorities, including the Central Bank.

People seek to invest a portion of their income in places that provide significant returns. Furthermore, some investors plan to receive regular income throughout their lives. For such individuals, the country's largest insurance company, LIC, offers various plans, including LIC Jeevan Umang, which guarantees income for one hundred years.

Guaranteed Income and Investment Security

By purchasing a policy worth 500,000 rupees, one can receive an annual income of 40,000 rupees for life. Investments in LIC schemes are considered a safe option, offering plans for all age groups, including children, seniors, and women. The Jeevan Umang policy guarantees a steady income to the investor until they reach the age of one hundred.

How LIC Jeevan Umang Works

Under the LIC Jeevan Umang plan, one can independently choose the premium payment period: 15, 20, 25, or 30 years. The minimum basic sum insured is 200,000 rupees. The policyholder receives an annual income of 8% of the basic sum insured for 100 years. If the policyholder dies before reaching the age of 100, a lump sum is paid to the nominated beneficiary, which they can receive in installments.

Calculation of Lifetime Income

Consider an example calculation of lifetime income: if a person aged 26 takes out a Jeevan Umang policy for 500,000 rupees and chooses a payment term of 30 years, the total premium amount will be 481,410 rupees. The annual installment will be 16,047 rupees, semi-annual will be 8,112 rupees, quarterly will be 4,100 rupees, and monthly will be only 1,367 rupees, equivalent to approximately 45 rupees per day.

Receiving Income and Tax Benefits

After the premium payment period ends, i.e., at age 56, 8% of the total sum assured will be credited, amounting to 40,000 rupees annually until the age of 100. In addition to the guaranteed lifelong income, the LIC Jeevan Umang policy is fully tax-exempt and also allows for tax benefits in accordance with Section 80C of income tax.