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| logo = Square Cash app logo.svg
| logo size = 120px
| developer = [[Block
| released = {{Start date|2013|10|15}}
| operating system = [[Android (operating system)|Android]], [[iOS]]
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| website = {{URL|https://cash.app/}}
}}
'''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
date=December 31, 2019|website=Business Insider|language=en-US}}</ref>
Cash App offers [[Peer-to-peer transaction|peer-to-peer transactions]], [[Direct deposit|direct deposits]], a savings account, a debit card, investing in stocks and [[Bitcoin]],<ref>{{Cite web |last=Papandrea |first=Dawn |date=2023-08-28 |title=How to Use Cash App |url=https://www.usnews.com/banking/articles/how-to-use-cash-app |access-date=2024-02-05 |website=[[U.S. News & World Report]]}}</ref> a tax filing service,<ref name=":2">{{Cite web |last=Jones |first=Jenn |date=2024-01-25 |title=Best tax software of February 2024 |url=https://www.usatoday.com/money/blueprint/taxes/best-tax-software/ |access-date=2024-02-05 |website=USA TODAY Blueprint |language=en-US}}</ref> and [[personal loans]].<ref name=":3">{{Cite web |date=2020-12-11 |title=Cash App Borrow: How To Borrow Money on Cash App |url=https://www.gobankingrates.com/money/finance/cash-app-borrow/ |access-date=2024-02-05 |website=GOBankingRates |language=en}}</ref>
== History ==
Cash App was launched by [[Block, Inc.]] (formerly Square, Inc. at its launch) on
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''. Since then, the $cashtag has become the most popular method for users to transfer money.<ref>{{Cite web|title=Square Cash is Open for Business|url=https://squareup.com/news/introducing-cashtags|access-date=2018-04-02|website=Square|language=en-US}}</ref><ref>{{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}}</ref>
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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.<ref>{{Cite web|last=Weil|first=Dan|date=2020-11-25|title=Square to Buy Credit Karma Tax for $50 Million, Expanding Reach|url=https://www.thestreet.com/investing/square-buying-credit-karma-tax-for-50-million|url-status=live|archive-url=https://web.archive.org/web/20201206220849/https://www.thestreet.com/investing/square-buying-credit-karma-tax-for-50-million|archive-date=2020-12-06|access-date=2020-12-20|website=TheStreet}}</ref>
In 2024, the service reported 57 million monthly transacting user accounts and [[United States dollar|US$]]14.7 billion in annual revenues.<ref name=":7" /><ref name=":8" />
In July 2024, Cash App announced they would cease operations in the United Kingdom on 15th September 2024, stating that Cash App's approach "prioritises [their] focus on the United States, and deprioritises global expansion.".<ref>{{Cite web |date=2024-07-18 |title=Jack Dorsey's Block to Shutter Cash App in UK - Decrypt |url=https://decrypt.co/240518/jack-dorsey-block-shutter-cash-app-uk |archive-url=https://web.archive.org/web/20240718164819/https://decrypt.co/240518/jack-dorsey-block-shutter-cash-app-uk |url-status=dead |archive-date=2024-07-18 |access-date=2024-07-18 }}</ref>
== Services ==
=== Banking ===
The service allows users to send, receive, and store money within the United States and
As of March 7, 2018, the Cash App supports [[automated clearing house]] (ACH) direct deposits.<ref name="
=== Peer-to-peer money transfer ===
Users can request money from and transfer to other Cash App accounts via phone number, email, or $cashtag
Unverified accounts can only send up to $250 per week and receive $1,000 per month. To verify an account, a user must submit their legal name, date of birth, and, in the US, the last four digits of their [[Social Security number|social security number]]. Verification raises the weekly sending limit to $7,500 per week and removes the receiving limit.<ref>{{Cite web|date=2021-05-28|title=What is Your Cash App Limit and How to Increase It|url=https://wise.com/us/blog/cash-app-limit|access-date=2021-11-01|website=Wise|language=en-US}}</ref>
=== Cryptocurrency ===
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>
=== Investing ===
In 2020, the capability to trade [[stock]]s was added to the app for adult<ref name=":6" /> United States residents only.<ref>{{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}}</ref> Users can buy and sell fractional shares of most publicly traded companies with a minimum of $1. Stock trading follows standard market hours of 9:30 a.m. – 4:00 p.m. [[Eastern Standard Time|EST]] and can be managed from the app's investing section.
=== Personal loans ===
In October 2023, it was reported that Cash App allowed a subset of users to borrow up to $200 from the app.<ref name=":3" />
=== Tax filing ===
In November 2020, Square acquired the tax-preparation division of [[Credit Karma]], rolling it into the Cash App offering as Cash App Taxes.<ref>{{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}}</ref> 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".<ref name=":2" />
== Finances ==
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Cash App is free to download for Android devices from [[Google Play]], for iOS devices from the Apple [[App Store (iOS/iPadOS)|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.<ref>{{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}}</ref>
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
If users do not have a direct deposit account with the app, they will be charged a $2 fee for withdrawing money from an [[Automated teller machine|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%.
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== Safety and protection policies ==
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 over any type of connection (public and private [[Wi-Fi|WiFi]] and all forms of mobile data). If fraud detection is triggered 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 a Security Lock option which requires users to enter their password before completing any transaction.<ref name=":4" />
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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 by 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 the hope of receiving donations.<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>
== Cultural impact ==
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