Cash App: Difference between revisions

| developer = [[Block, Inc.|Square, Inc.]]

'''Cash App''' (formerly '''Square Cash''') is a [[mobile payment]] service available in the United States and the United Kingdom that allows users to transfer money to one another (for a 1.5% fee for immediate transfer) using a [[Mobile app|mobile phone app]].<ref name=gebel>{{Cite web|last=Gebel|first=Meira|title=Cash App does not work internationally — here's what you need to know|url=https://www.businessinsider.com/does-cash-app-work-internationally|

date=December 31, 2019|website=Business Insider|language=en-US}}</ref> InAs Septemberof 20212024, the service reportedreports 7057 million annualmonthly transacting users and [[United States dollar|US$]]114.87 billion in grossannual profitrevenues.<ref name=":7">{{Cite web |last=LevySigalos |first=AdamMacKenzie |date=20212024-0905-2002 |title=Don'tBlock Lookshares Now:jump Square'son Cashbetter-than-expected App Is Almost as Bigfirst-quarter asresults Venmo|url=https://www.foolcnbc.com/investing2024/202105/09/2002/dontblock-looksq-nowearnings-cashq1-app-almost-as-big-as-venmo/2024.html |access-date=20212024-1105-0220 |website=TheCNBC Motley Fool|language=en}}</ref><ref name=":8">{{Cite web |last=Block, Inc. |date=2024-02-22 |title=Block Q4 2023 Shareholder Letter |url=https://s29.q4cdn.com/628966176/files/doc_financials/2023/q4/Block_4Q23_Shareholder-Letter_Block.pdf}}</ref>

Cash App was launched by [[Block, Inc.]] (formerly Square, Inc. at its launch) on 13th October 15, 2013,<ref>{{Cite web |title=Cash App Design |url=https://read.cv/teams/cashapp.design |access-date=2023-07-17 |website=read.cv}}</ref> under the name "Square Cash".

The service allows users to send, receive, and store money within the United States and within the United Kingdom, butalthough international transfers were not internationallyinitially supported.<ref name=gebel/><ref>{{Cite web |title=Sending and Receiving Payments |url=https://cash.app/help |access-date=2023-08-02 |website=cash.app |language=en}}</ref> 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 [[automated teller machine|ATM]].<ref name="social.techcrunch.comTechCrunch">{{Cite web |date=8 March 2018 |title=Square's Cash app now supports direct deposits for your paycheck |url=https://socialtechcrunch.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|date=8 March 2018 |language=en-US}}</ref><ref>{{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}}</ref><ref>{{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}}</ref> 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.<ref>{{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}}</ref>

As of March 7, 2018, the Cash App supports [[automated clearing house]] (ACH) direct deposits.<ref name="social.techcrunch.comTechCrunch"/><ref>{{Cite web|title=Official Cash App Tweet About Direct Deposits|url=https://twitter.com/cashapp/status/971492542654148608|url-status=live|access-date=2021-11-01|website=Twitter|language=en|archive-url=https://web.archive.org/web/20180308164735/https://twitter.com/cashapp/status/971492542654148608 |archive-date=2018-03-08 }}</ref> 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, whowhich chargecharges a fee of $1 or more, depending on the retailer.<ref>{{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 }}</ref>

Users can request money from and transfer to other Cash App accounts via phone number, email, or $cashtag.<ref name=":5">{{Cite web|last=John|first=Steven|title=HowSquare's to'cashtags' sendturn moneya oncustom Cashweb Applink oninto youra iPhonetip or Androidjar|url=https://www.businessinsiderengadget.com/how2015-to03-send23-moneysquare-oncashtags-cashcustom-apppayments-link.html|access-date=2021-11-0401|website=BusinessEngadget|date=23 March 2015 Insider|language=en-US}}</ref> The(or $£cashtag actsfor asaccounts abased uniquein usernamethe forUnited theKingdom). user'sWhen accounttransferring andmoney, users can onlyoptionally beadd changeda twice.<ref>{{Citemessage web|title=Withto $Cashtag,be Square seekssent to eliminatethe checks[[counterparty]].<ref for businesses|urlname=https"://fortune.com/2015/03/23/square-cash-checks/|access-date=2021-11-01|website=Fortune|language=en}}</ref><ref5">{{Cite web |last=John |first=Steven |title=Square'sHow 'cashtags'to turnsend amoney customon webCash linkApp intoon ayour tipiPhone or Android jar|url=https://www.engadgetbusinessinsider.com/2015how-03to-23send-squaremoney-cashtagson-customcash-payments-link.htmlapp |access-date=2021-11-0104 |website=EngadgetBusiness Insider |language=en-US}}</ref> When transferring money, users can optionally add a message to be sent to the [[counterparty]].<ref name=":5" /> Cash App provides two options to transfer money into a third -party bank account: freein within 3-5 business days for free, or instantinstantly with a 1.5% fee.

In 2018, the capability to buy and sell [[bitcoin]] [[cryptocurrency]] was added to the app,<ref name=":22"/> for adult users only.<ref name=":6">{{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}}</ref> Users can also send bitcoin to each other using their $cashtag, deposit bitcoin into the app from another source, and withdraw their bitcoin to an external [[Cryptocurrency wallet|wallet]]. Unlike other [[cryptocurrency exchange]]s, buying and selling bitcoin on Cash App is instant and does not require confirmation on the [[blockchain]]. {{As of|2023}} the only cryptocurrency supported by Cash App was bitcoin.<ref>{{Cite web|title=Using Cash App For Bitcoin|date=29 November 2018 |publisher=Square|url=https://cryptocurrencyfacts.com/exchanges/squares-cash-app/|access-date=2023-06-04|language=en-US}}</ref>

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

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 three to five business days, or instantly for a 1.5% fee.<ref>{{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}}</ref>

Cash App uses a combination of [[encryption]] and [[Data analysis for fraud detection|fraud detection technologies]] to help secure users' data and money. All data are encrypted and sent to Square's secure servers regardlessover ofany thetype of connection type (public and private [[Wi-Fi|WiFi]] and all forms of mobile data). If fraud detection is detectedtriggered at any point during a transaction, Cash App will automatically cancel the transaction.<ref name=":4">{{Cite web|title=Keep your money and account safe on Cash App|url=https://cash.app/help|access-date=2021-11-03|website=cash.app|language=en}}</ref>

Cash App includes an option in its settings labeleda Security Lock. Thisoption provides users an extra protection step, as itwhich requires themusers to enter their password before completing any transaction.<ref name=":4" />

There has been a reported history of scams via Cash App. Common scams include customer support impersonation, fake offers and programs, and the selling of fake expensive items.<ref>{{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 }}</ref> There is little buyer protection, making these scams hard to dispute, unlike payment services such as [[PayPal]].<ref>{{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}}</ref>

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.<ref>{{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}}</ref> In one instance, a man was scammed out of $24,000 due toby customer support impersonation.<ref>{{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}}</ref> 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 hopesthe hope of receiving donations from unsuspecting victims who wanted to help out.<ref>{{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}}</ref>

[[Millennials]] frequently utilize payment platforms like Cash App and Venmo to pay for illegal drugs or gamble.<ref>{{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}}</ref> In June 2021, police in [[Baltimore#West Baltimore|West Baltimore]] arrested seven people for using Cash App to sell [[cocaine]] and [[heroin]] to nearby neighborhoods.<ref>{{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 }}</ref>