Cash App
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 can be downloaded for free through the Google Play Store and App Store on the Android and iOS mobile operating systems, respectively.[3] Though the app remains an incredibly popular platform to simply finances, concerns regarding its use in illicit activity and the app’s data policy remain.[3][4]
Contents
History
App development
When it initially launched, Cash App solely served as a P2P payment service.[3] In 2017, the Cash Card, which functions as a Visa debit card, was released by Cash App.[5] 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.
Growth and giveaways
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. Cash App engages with current and prospective users by conducting cash giveaways.[1] Through a program 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.[1] 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. Donating through online services like Cash App is growing nine percent every year.
With such techniques being deployed to gain more users, Cash App has grown its number of active users from merely 7 million in 2017 to over 70 million in late 2021.[6][1] In addition, the app has generated over 1.8 billion in gross profit from Q4 of 2020 to Q3 of 2021.
App features
$Cashtag
P2P payments
Cash Card
Direct Deposit
Investing
Competitors
PayPal
Venmo
Zelle
Robinhood
Ethical concerns
Fraud
Third-party data sharing
See Also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 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/
- ↑ 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/
- ↑ 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
- ↑ 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
