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Cash App

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Cash App
Square Cash app logo.svg
Developer(s)Square, Inc.
Initial releaseOctober 15, 2013 (2013-10-15)
Operating systemAndroid, iOS
Available inEnglish, French
TypeMobile payment
Websitecash.app

Cash App (formerly known as Square Cash) is a mobile payment service developed by Square, Inc. that allows users to transfer money to one another using a mobile phone app. The service is available in the US and the UK.[1] As of March 21, 2021, the service recorded 36 million active users.[2]

History

Square launched Square Cash in October 15, 2013.[3]

In March 2015, Square introduced Square Cash for businesses, which includes the ability for individuals, organizations, and business owners to use a unique username to send and receive money, known as a $cashtag.[4][5]

In January 2018, Cash App expanded to support bitcoin trading.[6][7][8]

In November 2020, Square announced it was acquiring Credit Karma Tax, a free do-it-yourself tax-filing service, for $50 million and would make it a part of its Cash App unit.[9]

Service

The service allows users to request and transfer money to another Cash account via its Cash App or email. Users can then choose to withdraw the money with its debit Visa card, called Cash Card, in ATMs or transfer it to any local bank account.[10][11][12]

The Cash Card is a black, customisable card. Users are asked to sign their name on the mobile app. The signature will then be printed into the card and sent to the user.[13]

Square Cash also introduced their unique username, known as a $cashtag. It allows users to transfer and request money from different users by entering this username.[14][15]

In 2017, the capability to buy bitcoin was added to the app, and the ability to buy stocks (dollar amounts buying fractional shares) in 2020.[16]

As of March 7, 2018, the Cash App supports ACH direct deposits.[17][18]

References

  1. ^ Gebel, Meira (2020-01-01). "Cash App does not work internationally — here's what you need to know". Business Insider. Retrieved 2021-03-09.
  2. ^ David Cury. "Cash App Revenue and Usage Statistics (2021)". Business of Apps. Retrieved 2021-04-13.
  3. ^ Hamburger, Ellis (2013-10-15). "Square Cash lets anyone with a debit card send money instantly over email". The Verge. Retrieved 2020-12-20.
  4. ^ "Square Cash is Open for Business". Square. Retrieved 2018-04-02.
  5. ^ "Square rolls out its Square Cash payment service to businesses". The Verge. Retrieved 2018-04-02.
  6. ^ "Square's Cash App payment application now allows users to buy and sell Bitcoin". Digital Trends. 2018-02-01. Retrieved 2018-04-02.
  7. ^ "Square Cash app now lets you easily buy and sell Bitcoin from iPhone". 9to5Mac. 2018-01-31. Retrieved 2018-04-02.
  8. ^ Kleinman, Jacob. "How to Buy Bitcoin With Square Cash". Lifehacker. Retrieved 2018-04-02.
  9. ^ Weil, Dan (2020-11-25). "Square to Buy Credit Karma Tax for $50 Million, Expanding Reach". TheStreet. Archived from the original on 2020-12-06. Retrieved 2020-12-20.
  10. ^ "Square's Cash app now supports direct deposits for your paycheck – TechCrunch". techcrunch.com. Retrieved 2018-04-02.
  11. ^ Kulp, Patrick. "People are getting hilariously creative with Square's customizable cash card designs". Mashable. Retrieved 2018-04-02.
  12. ^ Salinas, Sara (2017-11-16). "Square Cash users can now withdraw money from any ATM with their Cash Cards". CNBC. Retrieved 2018-04-02.
  13. ^ Rey, Jason Del (2017-05-04). "Square is rolling out its first debit card". Vox. Retrieved 2021-03-09.
  14. ^ "With $Cashtag, Square seeks to eliminate checks for businesses". Fortune. Retrieved 2018-04-02.
  15. ^ "Square's 'cashtags' turn a custom web link into a tip jar". Engadget. Retrieved 2018-04-02.
  16. ^ Faridi, Omar (February 13, 2021). "PayPal Is Planning to Offer a Super App with Fintech Services like Crypto, Payments, Investing, Rewards Accessible via Common Interface". Crowdfund Insider. Retrieved February 19, 2021.
  17. ^ "Square's Cash app now supports direct deposits for your paycheck". TechCrunch. Retrieved 2018-08-15.
  18. ^ "Cash App on Twitter". Twitter. Retrieved 2018-08-15.

External links