Cross River Bank Powers X Platform's Payment Features
The social platform X, through a partnership with Cross River Bank, becomes the first U.S. social media platform to embed FDIC-insured interest-bearing accounts and Visa debit card services. This marks a significant step in X's expansion into financial services, aiming to achieve a closed loop between social and payments.
What are the key facts?
- 1Embedded FDIC-insured accounts
- 2Offers Visa debit card service
- 3Partnered with Cross River Bank
What happened?
X platform has embedded FDIC-insured accounts and Visa debit card services through a collaboration with Cross River Bank, becoming the first U.S. social media platform to provide such financial services, further expanding its payment business landscape.
What does this mean for cross-border sellers?
The trend of financialization on social platforms is clear, possibly providing sellers with more direct on-platform payment and settlement experiences in the future. It is advisable to monitor the subsequent evolution of e-commerce features on the X platform.