Difference between revisions of "Cash App"
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| − | '''Cash App''', a subsidiary of Block, Inc. (formerly known as Square, Inc.), is a mobile app launched in 2013 as a peer-to-peer (P2P) payments service.<ref name="hiphop40">Hale, K. (2020, September 22). ''Hip-hop's role in Square's $40 billion Cash App business success''. Forbes. Retrieved January 24, 2022, from https://www.forbes.com/sites/korihale/2020/09/22/hip-hops-role-in-squares-40-billion-cash-app-business-success</ref> Since its inception, Cash App has expanded to provide banking and brokerage services.<ref name="cashapp-home">Cash App. (n.d.). ''The easiest way to send, spend, bank, and invest''. Cash App. Retrieved January 25, 2022, from https://cash.app</ref> The app, which is only available in the United States and the United Kingdom, can be downloaded for free through the Google Play Store and App Store on the Android and iOS mobile operating systems, respectively.<ref name="ratings">Graham, J. (2020, March 26). ''PayPal, Venmo, Apple Pay, Google and Facebook: rating the mobile payment apps''. USA Today. Retrieved January 24, 2022, from https://www.usatoday.com/story/tech/2020/03/25/rating-paypal-venmo-apple-cash-facebook-google-zelle/5005537002</ref><ref name="cashapp-international">Cash App. (n.d.). ''International payments''. Cash App. Retrieved February 9, 2022, from https://cash.app/help/us/en-us/3056-sent-payments-international</ref> With its power to simplify payments and personal finance, Cash App is an incredibly popular platform with millions of users at its disposal.<ref name="cashapp-home" /><ref name="nasdaq">Levy, A. (2021, September 20). ''Don't look now: Square's Cash App is almost as big as Venmo''. Nasdaq. Retrieved January 24, 2022, from https://www.nasdaq.com/articles/dont-look-now%3A-squares-cash-app-is-almost-as-big-as-venmo-2021-09-20</ref> Nevertheless, concerns regarding its use in illicit activity and the app’s data policy remain.<ref name="app-privacy">Graham, J. (2020, March 29). ''Apps like Venmo, Cash and PayPal are free, but here's who they are telling your business''. USA Today. Retrieved January 24, 2022, from https://www.usatoday.com/story/tech/2020/03/25/how-private-is-your-paypal-venmo-cash-app-mobile-pay-data/5002726002</ref><ref name="laundering">Zamost, S., Tausche, K., & Hernandez, K. (2020, November 18). ''Criminals launder coronavirus relief money, exploit victims through popular apps''. CNBC. Retrieved January 25, 2022, from https://www.cnbc.com/2020/11/18/criminals-launder-coronavirus-relief-money-exploit-victims-through-popular-apps.html</ref> | + | '''Cash App''', a subsidiary of Block, Inc. (formerly known as Square, Inc.), is a mobile app launched in 2013 as a peer-to-peer (P2P) payments service.<ref name="hiphop40">Hale, K. (2020, September 22). ''Hip-hop's role in Square's $40 billion Cash App business success''. Forbes. Retrieved January 24, 2022, from https://www.forbes.com/sites/korihale/2020/09/22/hip-hops-role-in-squares-40-billion-cash-app-business-success</ref> Since its inception, Cash App has expanded to provide banking and brokerage services.<ref name="cashapp-home">Cash App. (n.d.). ''The easiest way to send, spend, bank, and invest''. Cash App. Retrieved January 25, 2022, from https://cash.app</ref> The app, which is only available in the United States and the United Kingdom, can be downloaded for free through the Google Play Store and App Store on the Android and iOS mobile operating systems, respectively.<ref name="ratings">Graham, J. (2020, March 26). ''PayPal, Venmo, Apple Pay, Google and Facebook: rating the mobile payment apps''. USA Today. Retrieved January 24, 2022, from https://www.usatoday.com/story/tech/2020/03/25/rating-paypal-venmo-apple-cash-facebook-google-zelle/5005537002</ref><ref name="cashapp-international">Cash App. (n.d.). ''International payments''. Cash App. Retrieved February 9, 2022, from https://cash.app/help/us/en-us/3056-sent-payments-international</ref> With its power to simplify payments and personal finance, Cash App is an incredibly popular platform with millions of users at its disposal.<ref name="cashapp-home" /><ref name="nasdaq">Levy, A. (2021, September 20). ''Don't look now: Square's Cash App is almost as big as Venmo''. Nasdaq. Retrieved January 24, 2022, from https://www.nasdaq.com/articles/dont-look-now%3A-squares-cash-app-is-almost-as-big-as-venmo-2021-09-20</ref> Nevertheless, concerns regarding its use in illicit activity and the app’s data policy remain.<ref name="app-privacy">Graham, J. (2020, March 29). ''Apps like Venmo, Cash and PayPal are free, but here's who they are telling your business''. USA Today. Retrieved January 24, 2022, from https://www.usatoday.com/story/tech/2020/03/25/how-private-is-your-paypal-venmo-cash-app-mobile-pay-data/5002726002</ref><ref name="laundering">Zamost, S., Tausche, K., & Hernandez, K. (2020, November 18). ''Criminals launder coronavirus relief money, exploit victims through popular apps''. CNBC. Retrieved January 25, 2022, from https://www.cnbc.com/2020/11/18/criminals-launder-coronavirus-relief-money-exploit-victims-through-popular-apps.html</ref> |
==History== | ==History== | ||
===App development=== | ===App development=== | ||
| − | When it initially launched in 2013, Cash App solely served as a P2P payments service.<ref name="ratings" /> In 2017, the Cash Card, which functions as a Visa debit card, was released by Cash App. <ref name="cnbc-cash-card">Salinas, S. (2017, November 16). ''Square Cash users can now withdraw money from any ATM with their Cash Cards''. CNBC. Retrieved January 24, 2022, from https://www.cnbc.com/2017/11/16/square-cash-atm-withdrawal-enabled-for-cash-app-users.html</ref> In the same year, Cash App also introduced a new service that allowed Bitcoin to be traded.<ref name="hiphop40" /> Cash App additionally developed the ability to trade stocks in late 2019.<ref name="trading-launch">Rooney, K. (2019, October 24). ''Square launches stock trading on its popular Cash App''. CNBC. Retrieved February 10, 2022, from https://www.cnbc.com/2019/10/24/square-launches-stock-trading-on-its-popular-cash-app.html</ref> | + | When it initially launched in 2013, Cash App solely served as a P2P payments service.<ref name="ratings" /> In 2017, the Cash Card, which functions as a Visa debit card, was released by Cash App. <ref name="cnbc-cash-card">Salinas, S. (2017, November 16). ''Square Cash users can now withdraw money from any ATM with their Cash Cards''. CNBC. Retrieved January 24, 2022, from https://www.cnbc.com/2017/11/16/square-cash-atm-withdrawal-enabled-for-cash-app-users.html</ref> In the same year, Cash App also introduced a new service that allowed Bitcoin to be traded.<ref name="hiphop40" /> Cash App additionally developed the ability to trade stocks in late 2019.<ref name="trading-launch">Rooney, K. (2019, October 24). ''Square launches stock trading on its popular Cash App''. CNBC. Retrieved February 10, 2022, from https://www.cnbc.com/2019/10/24/square-launches-stock-trading-on-its-popular-cash-app.html</ref> |
===Giveaways and growth=== | ===Giveaways and growth=== | ||
| Line 15: | Line 15: | ||
==App features== | ==App features== | ||
===$Cashtag=== | ===$Cashtag=== | ||
| − | Upon creating a Cash App account, users select a unique identifier, which is referred to as a “$Cashtag”.<ref name="cashtag-1">Cash App. (n.d.). ''What is a $Cashtag?''. Cash App. Retrieved January 25, 2022, from https://cash.app/help/us/en-us/3123-cashtags</ref> Once a $Cashtag is claimed by a user, a shareable URL that can be used to receive money is created.<ref name="cashtag-1" /> A $Cashtag must be between one and 20 characters, and it can only be changed twice.<ref name="cashtag-1" /><ref name="cashtag-2">Cash App. (n.d.). ''Change your $Cashtag''. Cash App. Retrieved January 25, 2022, from https://cash.app/help/us/en-us/3132-cashtags</ref> | + | Upon creating a Cash App account, users select a unique identifier, which is referred to as a “$Cashtag”.<ref name="cashtag-1">Cash App. (n.d.). ''What is a $Cashtag?''. Cash App. Retrieved January 25, 2022, from https://cash.app/help/us/en-us/3123-cashtags</ref> Once a $Cashtag is claimed by a user, a shareable URL that can be used to receive money is created.<ref name="cashtag-1" /> A $Cashtag must be between one and 20 characters, and it can only be changed twice.<ref name="cashtag-1" /><ref name="cashtag-2">Cash App. (n.d.). ''Change your $Cashtag''. Cash App. Retrieved January 25, 2022, from https://cash.app/help/us/en-us/3132-cashtags</ref> |
===P2P payments=== | ===P2P payments=== | ||
Revision as of 19:30, 11 February 2022
Cash App, a subsidiary of Block, Inc. (formerly known as Square, Inc.), is a mobile app launched in 2013 as a peer-to-peer (P2P) payments service.[1] Since its inception, Cash App has expanded to provide banking and brokerage services.[2] The app, which is only available in the United States and the United Kingdom, can be downloaded for free through the Google Play Store and App Store on the Android and iOS mobile operating systems, respectively.[3][4] With its power to simplify payments and personal finance, Cash App is an incredibly popular platform with millions of users at its disposal.[2][5] Nevertheless, concerns regarding its use in illicit activity and the app’s data policy remain.[6][7]
History
App development
When it initially launched in 2013, Cash App solely served as a P2P payments service.[3] In 2017, the Cash Card, which functions as a Visa debit card, was released by Cash App. [8] In the same year, Cash App also introduced a new service that allowed Bitcoin to be traded.[1] Cash App additionally developed the ability to trade stocks in late 2019.[9]
Giveaways and growth
Due to competitive pressures arising from many other companies existing in the market for mobile payments, Cash App has taken a unique measure to expand its user base.[10] Cash App engages with current and prospective users by conducting cash giveaways. Through a marketing campaign created in late 2017 called “Cash App Friday,” Cash App gives random users hundreds of dollars every Friday. In fact, Cash App has partnered with numerous hip-hop artists who take part in these giveaways: Cardi B and Megan Thee Stallion each worked with Cash App to give 500 dollars to 2,000 different individuals in 2019.
In addition to Cash App itself giving away money, the app has made its way into the 450 billion dollar charity industry.[10] Charitable individuals hoping to help those struggling with financial hardships have found directly donating to people through Cash App to be more effective than donating to non-profit organizations since a direct giveaway more urgently reaches people.
With such techniques being deployed to gain more users, Cash App has grown its number of active users from 7 million in 2017 to over 70 million in late 2021.[5][10] In addition, the app has generated over 1.8 billion in gross profit from Q4 of 2020 to Q3 of 2021.[5]
App features
$Cashtag
Upon creating a Cash App account, users select a unique identifier, which is referred to as a “$Cashtag”.[11] Once a $Cashtag is claimed by a user, a shareable URL that can be used to receive money is created.[11] A $Cashtag must be between one and 20 characters, and it can only be changed twice.[11][12]
P2P payments
The first service Cash App supported upon its launch was P2P payments (c3,c4). This service allows individuals to exchange money with friends, family, and businesses.[3]
To take part in a P2P payment, Cash App users need to link a debit or credit card from American Express, Discover, MasterCard, or Visa (c15). If a user chooses to use a credit card, they will need to pay a three percent fee on payments that they send (c16). In addition to linking a debit or credit card, users can link a prepaid card (c15). Deposits cannot be made to prepaid cards (c15).
Cash Card
Direct Deposit
Investing
Competitors
Venmo
PayPal
Zelle
Apple Cash
Ethical concerns
Criminal activity
Fake goods and services
Flipping fraud
COVID-19 relief fraud
Drug dealing
Third-party data sharing
See Also
References
- ↑ 1.0 1.1 Hale, K. (2020, September 22). Hip-hop's role in Square's $40 billion Cash App business success. Forbes. Retrieved January 24, 2022, from https://www.forbes.com/sites/korihale/2020/09/22/hip-hops-role-in-squares-40-billion-cash-app-business-success
- ↑ 2.0 2.1 Cash App. (n.d.). The easiest way to send, spend, bank, and invest. Cash App. Retrieved January 25, 2022, from https://cash.app
- ↑ 3.0 3.1 3.2 Graham, J. (2020, March 26). PayPal, Venmo, Apple Pay, Google and Facebook: rating the mobile payment apps. USA Today. Retrieved January 24, 2022, from https://www.usatoday.com/story/tech/2020/03/25/rating-paypal-venmo-apple-cash-facebook-google-zelle/5005537002
- ↑ Cash App. (n.d.). International payments. Cash App. Retrieved February 9, 2022, from https://cash.app/help/us/en-us/3056-sent-payments-international
- ↑ 5.0 5.1 5.2 Levy, A. (2021, September 20). Don't look now: Square's Cash App is almost as big as Venmo. Nasdaq. Retrieved January 24, 2022, from https://www.nasdaq.com/articles/dont-look-now%3A-squares-cash-app-is-almost-as-big-as-venmo-2021-09-20
- ↑ Graham, J. (2020, March 29). Apps like Venmo, Cash and PayPal are free, but here's who they are telling your business. USA Today. Retrieved January 24, 2022, from https://www.usatoday.com/story/tech/2020/03/25/how-private-is-your-paypal-venmo-cash-app-mobile-pay-data/5002726002
- ↑ Zamost, S., Tausche, K., & Hernandez, K. (2020, November 18). Criminals launder coronavirus relief money, exploit victims through popular apps. CNBC. Retrieved January 25, 2022, from https://www.cnbc.com/2020/11/18/criminals-launder-coronavirus-relief-money-exploit-victims-through-popular-apps.html
- ↑ Salinas, S. (2017, November 16). Square Cash users can now withdraw money from any ATM with their Cash Cards. CNBC. Retrieved January 24, 2022, from https://www.cnbc.com/2017/11/16/square-cash-atm-withdrawal-enabled-for-cash-app-users.html
- ↑ Rooney, K. (2019, October 24). Square launches stock trading on its popular Cash App. CNBC. Retrieved February 10, 2022, from https://www.cnbc.com/2019/10/24/square-launches-stock-trading-on-its-popular-cash-app.html
- ↑ 10.0 10.1 10.2 Hale, K. (2020, December 18). Hip-hop helps Cash App disrupt the $450 billion charity space. Forbes. Retrieved January 25, 2022, from https://www.forbes.com/sites/korihale/2020/12/17/hip-hop-helps-cash-app-disrupt-the-450-billion-charity-space/?sh=74abe9ef6844
- ↑ 11.0 11.1 11.2 Cash App. (n.d.). What is a $Cashtag?. Cash App. Retrieved January 25, 2022, from https://cash.app/help/us/en-us/3123-cashtags
- ↑ Cash App. (n.d.). Change your $Cashtag. Cash App. Retrieved January 25, 2022, from https://cash.app/help/us/en-us/3132-cashtags
