India, July 29 -- Elon Musk's social media company X has launched X Money, an invite-only financial service that allows users to transfer money in real time and comes with an X-branded Visa debit card.

The service is currently available to paying X members by invitation, the company said. The debit card can be used at ATMs.

X Money is not a bank and relies on technology and banking services provided by Cross River Bank.

To attract users, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases. Users must deposit at least USD 1,000 to qualify for the yield and subscribe to X's premium services, which cost at least USD 8 a month.

The launch is part of Musk's long-standing plan to turn X, formerly known as Twitte...