Cash App

Cash App was launched by Block, Inc. (then named Square, Inc.) on 13 October 2013.{{Cite web |title=Cash App Design |url=https://read.cv/teams/cashapp.design |access-date=2023-07-17 |website=read.cv}} It was originally branded as Square Cash. It aimed to help users send money to one another with a debit card via email or text message, regardless of what bank each party used.{{Cite web |last=Sherr |first=Ian |last2=Tam |first2=Donna |date=2014-11-17 |title=Snapchat, Square want to make it easy for you to send cash |url=https://www.cnet.com/tech/services-and-software/snapchat-square-want-to-make-it-easy-for-you-to-send-cash/ |access-date=2024-12-07 |website=CNET |language=en}} Block's cofounder Jack Dorsey and Brian Grassadonia contributed to the product creation.{{Cite web |last=Hamburger |first=Ellis |date=2013-11-06 |title=Minting Cash: how Square designed a product with no design at all |url=https://www.theverge.com/2013/11/6/5072720/minting-cash-how-square-designed-square-cash |access-date=2024-10-16 |website=The Verge |language=en}}{{Cite web |last=Godoy |first=Jody |date=2022-12-01 |title=Fintech Block ordered to comply with CFPB probe |url=https://www.reuters.com/legal/transactional/fintech-block-ordered-comply-with-cfpb-probe-2022-11-30/ |access-date=2024-10-16 |website=Reuters}} Square Cash allowed users to send up to $2,500 a week in several transactions or all at once, and worked only in the U.S. It was meant only for person-to-person money transfers, and not for online or off-line shopping.

In August 2014, Block said that Square Cash users had sent "hundreds of millions of dollars" to one another.

In March 2015, Square introduced Square Cash for businesses. This allowed individuals, organizations, and business owners to create a unique username to send and receive money, known as a $cashtag.{{Cite news|title=Square rolls out its Square Cash payment service to businesses|work=The Verge|url=https://www.theverge.com/2015/3/23/8277007/square-cash-business-cashtag|access-date=2018-04-02}}

In September 2016, Cash App announced a guarantee of "instant deposit" for the money received via Cash App, if the user agreed to pay a 1% fee. Users would otherwise see deposits post to their Cash App account on the next business day. Block also introduced virtual payment cards that allow Cash App users to make purchases on websites and apps using money stored in the app.{{Cite web |last=Rey |first=Jason Del |date=2016-09-08 |title=Square Cash will guarantee instant deposits — for a fee |url=https://www.vox.com/2016/9/8/12826676/square-cash-instant-deposits-virtual-card |access-date=2024-10-21 |website=Vox |language=en-US}}

In January 2018, Cash App added support for bitcoin trading.{{Cite news|date=2018-02-01|title=Square's Cash App payment application now allows users to buy and sell Bitcoin|language=en-US|work=Digital Trends|url=https://www.digitaltrends.com/mobile/cash-app-bitcoin/|access-date=2018-04-02}}{{Cite news|date=2018-01-31|title=Square Cash app now lets you easily buy and sell Bitcoin from iPhone|language=en-US|work=9to5Mac|url=https://9to5mac.com/2018/01/31/square-cash-app-bitcoin/|access-date=2018-04-02}}

In October 2019, Cash App added support for stock trading to users in the United States.{{Cite web|last=Peters|first=Jay|date=2019-10-24|title=Square's Cash App officially adds free stock trading, starting at $1|url=https://www.theverge.com/2019/10/24/20930659/square-cash-app-invest-stocks-commission-free-robinhood-competition|access-date=2021-11-03|website=The Verge|language=en}}

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.{{Cite web|last=Weil|first=Dan|date=2020-11-25|title=Square to Buy Credit Karma Tax for $50 Million, Expanding Reach|url=https://www.thestreet.com/investing/square-buying-credit-karma-tax-for-50-million|url-status=live|archive-url=https://web.archive.org/web/20201206220849/https://www.thestreet.com/investing/square-buying-credit-karma-tax-for-50-million|archive-date=2020-12-06|access-date=2020-12-20|website=TheStreet}}

In 2021, Block announced an extension of the Cash App service to people over 13 years old for depositing and spending money or sending it to friends. Minors would not have access to investing or bitcoin features, however, and would still need their parent or guardians’ permission and significant oversight to use the app.{{Cite web |last=Clark |first=Mitchell |date=2021-11-04 |title=Square is letting the teens use Cash App |url=https://www.theverge.com/2021/11/4/22762613/square-cash-app-teens-13-parental-control |access-date=2024-10-20 |website=The Verge |language=en}}

According to a Pew Research Center report in September 2022, Cash App was found to have been used at least once by 26% of U.S. adults. The report also stated that lower-income adults were the most likely to use the app over other payment apps.{{Cite web |last=Anderson |first=Monica |date=2022-09-08 |title=Payment apps like Venmo and Cash App bring convenience – and security concerns – to some users |url=https://www.pewresearch.org/short-reads/2022/09/08/payment-apps-like-venmo-and-cash-app-bring-convenience-and-security-concerns-to-some-users/ |access-date=2024-10-21 |website=Pew Research Center |language=en-US}}

In August 2023, Block announced a closure of Cash App's operations in the European Union under the "Verse" brand, citing a lack of growth and profitability in the market.{{Cite web |last=Mullen |first=Caitlin |date=2023-08-04 |title=Block shutters some European operations |url=https://www.paymentsdive.com/news/block-shutters-some-operations-cashapp-verse-clearpay-afterpay-bnpl-europe-dorsey/689976/ |access-date=2024-10-21 |website=Payments Dive |language=en-US}} On September 7 and 8, 2023, Cash App experienced a service outage, affecting peer-to-peer payments and cash card purchases for thousands of users. Block stated on September 8 that the service was restored successfully by that day.{{Cite web |last=Wilson |first=Diane |date=2023-09-08 |title=Cash App 'back up and running' after widespread outage leaves users without access to their money |url=https://abc7.com/cashapp-outage-square-app-widespread/13751071/ |access-date=2024-10-21 |website=ABC7 Los Angeles |language=en}}{{Cite web |last=Napolitano |first=Elizabeth |date=2023-09-08 |title=Cash App, Square users report payment issues amid service outage - CBS News |url=https://www.cbsnews.com/news/cash-app-down-square-service-outage/ |access-date=2024-10-21 |website=CBS News |language=en-US}}

In February 2024, the service reported 57 million monthly transacting user accounts, $14.7 billion in revenues and $248 billion in inflows for the year 2023.{{Cite web |last=Schroeder |first=Pete |date=2025-01-16 |title=US state regulators fine Block Inc $80 million for insufficient money laundering controls |url=https://www.reuters.com/technology/state-regulators-fine-block-inc-80-million-anti-money-laundering-violations-2025-01-15/ |access-date=2025-01-26 |website=Reuters}}{{Cite web |last=Block, Inc. |date=2024-02-22 |title=Form 10-K for the fiscal year ended December 31, 2023 |url=https://s29.q4cdn.com/628966176/files/doc_financials/2023/q4/BLOCK-10K-20242202.pdf}} In June 2024, Block announced it was dropping its plan to launch Cash App in Australia.{{Cite web |last=Eyers |first=James |date=2024-06-04 |title=Boost for Afterpay as Block drops plans for Cash App in Australia |url=https://www.afr.com/companies/financial-services/block-to-expand-afterpay-not-cash-app-in-australia-nick-molnar-20240604-p5jj3l |access-date=2024-11-06 |website=Australian Financial Review |language=en}} In the following month, Cash App announced it would cease operations in the United Kingdom on September 15, 2024.{{Cite news |last=Nicolle |first=Emily |last2=Smith |first2=Paige |date=2024-07-18 |title=Dorsey's Block Plans to Shut Its Cash App Platform in the UK |url=https://www.bloomberg.com/news/articles/2024-07-18/dorsey-s-block-plans-to-shut-its-cash-app-platform-in-the-uk |access-date=2024-10-24 |work=Bloomberg |language=en}}

In August 2024, Cash App settled a $15 million class-action settlement for data and security breaches at the service. Users whose accounts were accessed without their authorization or who had fraudulent withdrawals or transfers could file claims for up to $2500, provided they had an account between August 23, 2018, and August 20, 2024. The class-action pointed a security breach in 2021, and another in 2023. As part of the settlement, Cash App and Block also agreed to take steps toward strengthening data security, while denying any wrongdoing.{{Cite web |last=Picchi |first=Aimee |date=2024-08-19 |title=Cash App customers can now claim more than $2,500 each in a $15 million settlement. Here's how. - CBS News |url=https://www.cbsnews.com/news/cash-app-money-settlement-2500-how-to-file-a-claim/ |access-date=2024-10-20 |website=CBS News |language=en-US}}

In January 2025, Block agreed to pay, as part of a settlement, a fine of $80 million to a group of 48 state financial regulators after the agencies determined the company had insufficient policies for policing money laundering through Cash App. As part of the settlement, the company also agreed to involve an independent consultant to review its Bank Secrecy Act and anti-money laundering program, and report back to the states on any deficiencies. Block stated at the time that the issues were mainly related to Cash App's prior compliance program, and the company has significantly increased investment in compliance and risk management.

In February 2025, Block reported that Cash App had $16.25 billion in annual revenues and $282.9 billion in annual inflows for the year 2024.

The service allows users to send, receive, and store money within the United States, although international transfers were not initially supported.{{Cite web |title=Sending and Receiving Payments |url=https://cash.app/help |access-date=2023-08-02 |website=cash.app |language=en}} Users can transfer money out of Cash App to a bank account in their country. The Cash Card is a customizable debit card that allows users to spend their money at various retailers and withdraw cash from an ATM.{{Cite web |date=8 March 2018 |title=Square's Cash app now supports direct deposits for your paycheck |url=https://techcrunch.com/2018/03/07/square-cash-now-supports-direct-deposits-for-your-paycheck/ |archive-url=https://web.archive.org/web/20180309033159/https://techcrunch.com/2018/03/07/square-cash-now-supports-direct-deposits-for-your-paycheck/ |url-status=dead |archive-date=March 9, 2018 |access-date=2021-11-01 |website=TechCrunch |language=en-US}}{{Cite web|last=Kulp|first=Patrick|date=2017-06-28|title=People are getting creative with Square's customizable cash card designs|url=https://mashable.com/article/square-debit-card-art-round-up|access-date=2021-11-01|website=Mashable|language=en}}{{Cite web|last=Salinas|first=Sara|date=2017-11-16|title=Square Cash users can now withdraw money from any ATM with their Cash Cards|url=https://www.cnbc.com/2017/11/16/square-cash-atm-withdrawal-enabled-for-cash-app-users.html|access-date=2021-11-01|website=CNBC|language=en}} When signing up for the Cash Card, users can customize it by selecting a color, adding stamps, drawing on it, and even making the card glow in the dark. The card with the final design is mailed to the user.{{Cite web|last=Rey|first=Jason Del|date=2017-05-04|title=Square is rolling out its first debit card|url=https://www.vox.com/2017/5/4/15552912/square-cash-debit-card-black-rollout-launch-jack-dorsey|access-date=2021-11-01|website=Vox|language=en}}

As of March 7, 2018, the Cash App supports automated clearing house (ACH) direct deposits. Cash App also supports cash deposits, called "Paper Money Deposits": cash is taken to a participating retailer, who scans a barcode to deposit the money with Cash App, which charges a fee of $1 or more, depending on the retailer.{{cite web | url=https://cash.app/help/us/en-us/6488-paper-money-deposits/#:~:text=Paper%20Money%20Deposit%20Limits,on%20a%20rolling%20time%20frame. | title=Paper Money Deposits }} As of August 2024, Cash App offers a 4.5% annual percentage yield (APY) on savings, provided that the account is set up to receive a monthly direct deposit of at least $300. Balances stored on the Cash App Card are FDIC-insured through Wells Fargo Bank for up to $250,000 per person.{{Cite web |last=Gravier |first=Elizabeth |date=2024-08-21 |title=Cash App Banking review: 4.50% savings APY and no fees |url=https://www.cnbc.com/select/cash-app-banking-review-2024/ |access-date=2024-11-06 |website=CNBC |language=en}}

Users can request money from and transfer to other Cash App accounts via phone number, email, or $cashtag.{{Cite web|title=Square's 'cashtags' turn a custom web link into a tip jar|url=https://www.engadget.com/2015-03-23-square-cashtags-custom-payments-link.html|access-date=2021-11-01|website=Engadget|date=23 March 2015 |language=en-US}}

In 2018, the capability to buy and sell bitcoin cryptocurrency was added to the app.{{Cite web|title=Square's Cash App opens up to teens ages 13 to 17 with parental oversight|url=https://techcrunch.com/2021/11/03/squares-cash-app-opens-up-to-teens-ages-13-to-17-with-parental-oversight/|access-date=2021-11-04|website=TechCrunch|date=3 November 2021 |language=en-US}}

In 2020, the capability to trade stocks was added to the app for users in the United States.{{Cite web|date=2021-02-13|title=PayPal Is Planning to Offer a Super App with Fintech Services like Crypto, Payments, Investing, Rewards Accessible via Common Interface|url=https://www.crowdfundinsider.com/2021/02/172206-paypal-is-planning-to-offer-a-super-app-with-fintech-services-like-crypto-payments-investing-rewards-accessible-via-common-interface/|access-date=2021-11-01|website=Crowdfund Insider|language=en-US}}

In October 2023, it was reported that Cash App allowed a subset of users to borrow up to $200 from the app.

In November 2020, Square acquired the tax-preparation division of Credit Karma, rolling it into the Cash App offering as Cash App Taxes. The service offers online tax filing in the US, and is free to use for consumers, as it was before the acquisition. In March 2023, USA Today rated it "best overall", while noting that it didn't accommodate "every tax situation".

As of November 1, 2021, Square had a market capitalization of $117.4 billion.{{Cite web|title=Square (SQ) - Market capitalization|url=https://companiesmarketcap.com/square/marketcap/|access-date=2021-11-02|website=companiesmarketcap.com|language=en-us}} Its largest market competitor is PayPal, which owns Venmo. Other major competitors include Apple Pay, Google Pay, and Zelle.

Cash App is free to download for Android devices from Google Play, for iOS devices from the Apple App Store, and other mobile store platforms. Because the app is initially free, it incentivizes more users to create an account and use its services. Additional services beyond standard money transfers are available for small initial fixed costs plus percentage fees.{{Cite web|last=Taylor|date=2016-02-11|title=Free vs Paid Apps: Pros & Cons|url=https://appinstitute.com/free-paid-apps/|access-date=2021-11-03|publisher=AppInstitute|language=en-US}}

Cash App's primary income is from users withdrawing funds from the app to their linked bank accounts. Money can be transferred into a third-party bank account without charge within five business days, or instantly for a 1.5% fee.{{Cite web|date=2020-09-02|title=Cash App Revenue and Usage Statistics (2021)|url=https://www.businessofapps.com/data/cash-app-statistics/|access-date=2021-11-03|publisher=Business of Apps|language=en-US}}

If users do not have a direct deposit account with the app, they will be charged a $2 fee for withdrawing money from an ATM. Cash App allows users to buy and sell bitcoin from their platform for a small service fee based on the current bitcoin market volatility. Businesses can also accept Cash App as a form of payment and charge a transaction cost of 2.75%.

Like banks, Cash App can lend money deposited by users to various institutions, charging interest, known as money creation. Cash App is required to hold 10% of users' accounts liquidity as part of the fractional-reserve banking to protect depositors in the event of a bank run.

Cash App is among a group of peer-to-peer payment platforms—such as Zelle, Venmo, Apple Pay and Google Pay—that do not provide features to recover money sent by users to others.{{Cite web |last=Weisbaum |first=Herb |date=2019-06-11 |title=Scammers have discovered P2P payment apps like Venmo, Zelle and CashApp |url=https://www.nbcnews.com/better/lifestyle/use-payment-apps-venmo-zelle-cashapp-here-s-how-protect-ncna1015851 |access-date=2024-11-26 |website=NBC News |language=en}}

The app states it uses multi-factor authentication and account transaction limits to prevent fraud.{{Cite web |last=Knowles |first=Jason |date=2024-01-24 |title=How to keep your smartphone payment apps safe and secure if your phone is stolen |url=https://abc7chicago.com/stolen-device-protection-iphone-zelle-venmo-cash-app/14356577/ |access-date=2024-11-26 |website=ABC7 Chicago |language=en}} Cash App uses standard encryption and fraud detection technology to protect users' data.

Cash App and other payment platforms including Zelle, Venmo, Apple Pay and Google Pay have been reported as targets for Internet fraud. Common scams include customer support impersonation, fake offers and programs, and the selling of fake expensive items.{{Cite web|last=nelson|first=Brooke|date=2021-07-03|title=5 Common Cash App Scams and How to Avoid Them|url=https://www.rd.com/article/cash-app-scams/|url-status=live|access-date=2021-11-03|website=Reader's Digest|language=en-US|archive-url=https://web.archive.org/web/20210704085909/https://www.rd.com/article/cash-app-scams/ |archive-date=2021-07-04 }} There is little buyer protection, making these scams hard to dispute, unlike payment services such as PayPal.{{Cite web|date=2021-06-03|title=How to use PayPal Buyer Protection|url=https://www.choice.com.au/shopping/online-shopping/buying-online/articles/paypal-buyer-protection|access-date=2021-11-04|website=CHOICE|language=en-au}}

Since the start of the COVID-19 pandemic and the rise in use of payment apps, there has been a notable increase in reported scams.{{Cite web|last=Wilson|first=Diane|date=2021-05-25|title=Complaints against Cash App skyrocket during COVID-19 pandemic|url=https://abc11.com/10688194/|access-date=2021-11-02|website=ABC11 Raleigh-Durham|language=en}} In one instance, a man was scammed out of $24,000 by customer support impersonation.{{Cite web|last=Wilson|first=Diane|date=2020-12-11|title=Raleigh man loses $24K in Cash App scam {{!}} Here's how the scammers fooled him|url=https://abc11.com/8691027/|access-date=2021-11-02|website=ABC11 Raleigh-Durham|language=en}} In another instance, a scammer used the public video of a female Waffle House worker holding a baby in a kitchen to fabricate an emotional story. The scammer used social media to share their Cash App information in the hope of receiving donations.{{Cite web|last=Keane|first=Isabel|date=2021-10-08|title=Online scammer fabricates backstory on Waffle House worker carrying baby|url=https://metro.co.uk/2021/10/08/scammer-fabricates-backstory-to-monetize-on-viral-waffle-house-tiktok-15391210/|access-date=2021-11-02|website=Metro|language=en}}

Millennials frequently utilize payment platforms like Cash App and Venmo to pay for illegal drugs or gamble.{{Cite web|last=Morse|first=Jack|date=2017-07-11|title=Millennials, stop using Venmo to buy drugs|url=https://mashable.com/article/come-on-really|access-date=2021-11-04|website=Mashable|language=en}} In June 2021, police in West Baltimore arrested seven people for using Cash App to sell cocaine and heroin to nearby neighborhoods.{{Cite web|last=Davis|first=Phil|title=Seven people charged with running 'CashApp' drug trafficking ring in West Baltimore, police say|url=https://www.baltimoresun.com/news/crime/bs-md-ci-cr-cashapp-gang-baltimore-arrests-20210624-fkycnhoqtbb23h24apry47n754-story.html|access-date=2021-11-04|website=baltimoresun.com|date=24 June 2021 }}

In 2018, Cash App surpassed Venmo in total downloads (33.5 million cumulative), becoming one of the most popular peer-to-peer payment platforms.

Cash App is mentioned by about 200 hip-hop artists in their song lyrics, leading some to assert that it is now "ingrained in hip-hop culture," with its popularity stemming from the Black community in Atlanta.{{Cite web|date=2021-04-12|title=Hip-Hop Loves Cash App, and That Might Be Why Jack Dorsey Bought Tidal|url=https://www.gq.com/story/cash-app-and-hip-hop-jack-dorsey-square-tidal-jay-z-guapdad-4000-amine-jim-jones|access-date=2021-11-02|website=GQ|language=en-US}} Some cite the early adoption of cryptocurrencies among members of the rap community as another reason for Cash App's cultural cachet. The popularity of the app in hip-hop is reflected in Square's partnerships with prominent rappers, such as Travis Scott, Megan Thee Stallion, and Cardi B.

Social media influencers frequently use Cash App to request donations from their followers. Every Friday since 2017, Twitter users retweet posts from the official Cash App account with the #SuperCashAppFriday hashtag to potentially win $10,000 to $50,000. These posts often have a notable amount of engagement.{{Cite web|last=Long|first=Le Van Tuan|date=2020-06-02|title=How Cash App Grew 60% Each Year With Viral Influencer Marketing|url=https://bettermarketing.pub/how-cash-app-grew-60-each-year-with-viral-influencer-marketing-a5adadb1a595|access-date=2021-11-02|website=Medium|language=en}}

{{Reflist}}

• {{Official website|https://cash.app/}}

{{Block, Inc.}}

{{Digital payment providers}}

Category:Block, Inc.

Category:Online payments

Category:Mobile payments

Category:2013 software