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 phone app. In September 2021, the service reported 70 million annual transacting users and US$1.8 billion in gross profit.
Services
Banking
The service allows users to send, receive, and store money within the US and the UK (but not internationally) Users can transfer money out of Cash App to a bank account in their country. The Cash Card is a customizable that allows users to spend their money at various retailers and withdraw cash from an ATM 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. Once your custom design is finalized, the card is sent to the user through the mai
As of March 7, 2018, the Cash App supports automated clearing house (ACH) direct deposits.
Peer-to-peer money transfer
Users can request money from and transfer to other Cash App accounts via phone number, email, or $cashtag The $cashtag acts as a unique username for the user's account and can only be changed twice. When transferring money, users can optionally add a message to be sent to the counterpartyCash App provides two options to transfer money into a third party bank account: wait 3-5 business days, or instantly withdraw with a 1.5% fee.
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. Verification raises the weekly sending limit to $7,500 per week and removes the receiving limit.[20]
Cryptocurrency
In 2018, the capability to buy and sell bitcoin was added to the app.[6] 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 wallet. Unlike other cryptocurrency exchanges, buying and selling bitcoin on Cash App is instant and does not require confirmation on the blockchain. Cash App only supports bitcoin and has not announced any plans to support other cryptocurrencies in the future.[21] Bitcoin trading is not available to minors on Cash App.[11]
Investing
In 2020, the capability to trade stocks was added to the app for US residents only.[22] 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 am – 4:00 pm EST and can be managed from the app’s investing section. Stock trading is not available to minors on Cash App.[11]