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32-455: Cash App (formerly Square Cash ) is a digital wallet service for American consumers. Launched by Block, Inc. in 2013, it allows users to send, receive or save money, access a debit card, invest in stocks or bitcoin , apply for personal loans, and file taxes. As of 2024, Cash App reports 57 million users and $ 14.7 billion in annual revenue. Cash App was launched by Block, Inc. (formerly Square, Inc. at its launch) on 13th October 2013, under

64-637: A market capitalization of $ 117.4 billion. Its largest market competitor is PayPal , which owns Venmo . Other major competitors include Apple Pay , Google Pay , and Zelle . Cash App is free to download for Android devices from Google Play , for iOS devices from the Apple 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. Cash App's primary income

96-701: A "secure payment platform", and cited to be "Level 1 compliant" as per the Payment Card Industry Data Security Standard (PCI-DSS), in line with the security standards used by large credit card companies. The app is among a group of peer-to-peer payment platforms—such as Zelle , Venmo , Apple Pay and Google Pay —that do not provide features to recover money sent by users to others. Cash App and other payment platforms including Zelle, Venmo, Apple Pay and Google Pay have been reported as targets for internet scammers. Common scams include customer support impersonation, fake offers and programs, and

128-521: A consumer makes a purchase at a merchant site that's set up to handle server-side digital wallets, they type their name, payment and shipping information into the merchant's own form. At the end of the purchase, the consumer is asked to sign up for a wallet of their choice by entering a user name and password for future purchases. Users can also acquire wallets at a wallet vendor's site. Most, if not all digital wallets offer advanced security features e.g. biometric authentication and encryption, this protects

160-628: A digital wallet, representing a twofold increase from two years ago. A MasterCard mobile shopping survey among 8500 adults, aged 18–64 across 14 markets, showed that 45% of users in China, 36.7% of users in India and 23.3% of users in Singapore are the biggest adopters of digital wallets. The survey was conducted between October and December 2015. Further analysis showed that 48.5% of consumers in these regions made purchases using smartphones. Indian consumers are leading

192-509: A few US states have adapted digital driver's license and state IDs to be added to digital wallet in lieu of the physical card and it can be used at selected TSA checkpoints at airports, banking or enterprise. A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin . A digital wallet has both a software and information component. Secure and fair electronic payment systems are an important issue. The software provides security and encryption for

224-465: A notable amount of engagement. Digital wallet Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles". In addition,

256-484: A security breach in 2021, and another in 2023. As part of the settlement, Cash App and Block also agreed to take steps toward strengthening data security , while denying any wrongdoing. The service allows users to send, receive, and store money within the United States, although international transfers were not initially supported. Users can transfer money out of Cash App to a bank account in their country. The Cash Card

288-423: 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%. Like banks, Cash App can lend money deposited by users to various institutions, charging interest, known as money creation. Cash App is required to hold 10% of users' accounts liquidity as part of the fractional-reserve banking to protect depositors in

320-471: A third-party bank account: in 5 business days for free, or instantly 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. In 2018,

352-602: Is a customizable debit card 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. The card with the final design is mailed to the user. As of March 7, 2018, the Cash App supports automated clearing house (ACH) direct deposits. Cash App also supports cash deposits, called "Paper Money Deposits": cash

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384-509: Is automatically updated and entered into the order fields across merchant sites when using a digital wallet. Consumers also benefit when using digital wallets because their information is encrypted or protected by a private software code; merchants benefit by receiving a combination of protection against fraud, faster receipt of payment, decreased transaction costs, and decreased theft loss. Digital wallets are available to consumers free of charge, and they're fairly easy to obtain. For example, when

416-402: 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 five business days, or instantly for a 1.5% fee. If users do not have a direct deposit account with the app, they will be charged a $ 2 fee for withdrawing money from an ATM . Cash App allows users to buy and sell bitcoin from their platform for

448-666: Is taken to a participating retailer, who scans a barcode to deposit the money with Cash App, which charges a fee of $ 1 or more, depending on the retailer. As of August 2024, Cash App offers a 4.5% annual percentage yield (APY) on savings, provided that the account is set up to receive a monthly direct deposit of at least $ 300. Balances stored on the Cash App Card are FDIC-insured through Wells Fargo Bank for up to $ 250,000 per person. Users can request money from and transfer to other Cash App accounts via phone number, email, or $ cashtag Cash App provides two options to transfer money into

480-517: The United States. 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. In 2021, Block announced an extension of the Cash App service to people over 13 years old for depositing and spending money or sending it to friends. Minors would not have access to investing or bitcoin features however, and they would still need their parent or guardians’ permission and significant oversight to use

512-476: The app in hip-hop is reflected in Square's partnerships with prominent rappers, such as Travis Scott , Megan Thee Stallion , and Cardi B . Social media influencers frequently use Cash App to request donations from their followers. Every Friday since 2017, Twitter users retweet posts from the official Cash App account with the #SuperCashAppFriday hashtag to potentially win $ 10,000 to $ 50,000. These posts often have

544-549: The app's investing section. In October 2023, it was reported that Cash App allowed a subset of users to borrow up to $ 200 from the app. In November 2020, Square acquired the tax-preparation division of Credit Karma , rolling it into the Cash App offering as Cash App Taxes. 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". As of November 1, 2021, Square had

576-527: The app. According to a Pew Research Center report in September 2022, Cash App was found to have been used at least once by 26% of U.S. adults. The report also stated that lower-income adults were the most likely to use the app over other payment apps. In August 2023, Block announced a closure of Cash App's operations in the European Union under the "Verse" brand, citing a lack of growth and profitability for

608-475: The biometric wallet by Dunhill , a physical device that holds cash and cards along with a Bluetooth mobile connection. Presently there are further explorations for smartphones with NFC digital wallet capabilities, such as smartphones utilizing Google's Android and Apple's iOS operating systems to power wallets such as Google Pay and Apple Pay . Digital wallet systems enable the widespread use of digital wallet transactions among various retail vendors in

640-487: The capability to buy and sell bitcoin cryptocurrency was added to the app. for adult users only. As of 2023 the only cryptocurrency supported by Cash App was bitcoin. In 2020, the capability to trade stocks was added to the app for adult United States residents only. 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. EST and can be managed from

672-412: The event of a bank run . Cash App uses standard encryption and fraud detection technology to protect users’ data. Balances stored on the Cash App Card are FDIC-insured through Wells Fargo Bank for up to $ 250,000 per person. Moreover, the app states it uses multi-factor authentication and incorporates account transaction limits as well as consumer education to prevent fraud. Cash App has been called

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704-577: The form of mobile payments systems and digital wallet applications. The M-PESA mobile payments system and microfinancing service has widespread use in Kenya and Tanzania , while the MasterCard PayPass application has been adopted by a number of vendors in the U.S. and worldwide. Digital wallets are being used more frequently among Asian countries as well. One in every five consumers in Asia are now using

736-510: The most popular peer-to-peer payment platforms. Cash App is mentioned by about 200 hip-hop artists in their song lyrics, leading some to assert that it is now "ingrained in hip-hop culture," with its popularity stemming from the Black community in Atlanta . Some cite the early adoption of cryptocurrencies among members of the rap community as another reason for Cash App's cultural cachet. The popularity of

768-429: The name "Square Cash". Block's cofounder Jack Dorsey and Brian Grassadonia contributed to the product creation. 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 . In September 2016, Cash App announced a guarantee of "instant deposit" for the money received via Cash App, if

800-423: The personal information and for the actual transaction. Typically, digital wallets are stored on the client side and are easily self-maintained and fully compatible with most e-commerce websites. A server-side digital wallet, also known as a thin wallet, is one that an organization creates for and about you and maintains on its servers . Server-side digital wallets are gaining popularity among major retailers due to

832-618: 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. Millennials frequently utilize payment platforms like Cash App and Venmo to pay for illegal drugs or gamble. In June 2021, police in West Baltimore arrested seven people for using Cash App to sell cocaine and heroin to nearby neighborhoods. In 2018, Cash App surpassed Venmo in total downloads (33.5 million cumulative), becoming one of

864-530: The security, efficiency, and added utility it provides to the end-user, which increases their satisfaction of their overall purchase. The information component is basically a database of user-input information. This information consists of your shipping address, billing address, payment methods (including credit card numbers, expiry dates, and security numbers), and other information. Digital wallets are composed of both digital wallet devices and digital wallet systems. There are dedicated digital wallet devices such as

896-454: The selling of fake expensive items. There is little buyer protection, making these scams hard to dispute, unlike payment services such as PayPal . 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. In one instance, a man was scammed out of $ 24,000 by customer support impersonation. In another instance, a scammer used

928-464: The service in European markets. On September 7 and 8, 2023, Cash App experienced a service outage, affecting peer-to-peer payments and cash card purchases for thousands of users. Block stated on September 8 that the service was restored successfully by that day. In 2024, the service reported 57 million monthly transacting user accounts and $ 14.7 billion in annual revenues. In June 2024, Block announced it

960-399: The user agreed to pay a 1% fee. Otherwise users would see deposits post to their Cash App account on the next business day. Block also introduced virtual payment cards that allow Cash App users to buy things on websites and apps using money stored in the app. In January 2018, Cash App added support for bitcoin trading. In October 2019, Cash App added support for stock trading to users in

992-424: The way with 76.4% using a smartphone to make a purchase, which is a drastic increase of 29.3% from the previous year. This has inspired companies like Reliance and Amazon India to come out with their own digital wallet. Flipkart has already introduced its own digital wallet. Consumers are not required to fill out order forms on each site when they purchase an item because the information has already been stored and

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1024-714: Was dropping its plan to launch Cash App in Australia. In the following month, Cash App announced it would cease operations in the United Kingdom on September 15, 2024, citing a focus on prioritizing its U.S. market over global expansion. In August 2024, Cash App settled a $ 15 million class-action settlement for data and security breaches at the service. Users whose accounts were accessed without their authorization or who had fraudulent withdrawals or transfers could file claims for up to $ 2500, provided they had an account between August 23, 2018, and August 20, 2024. The class-action pointed

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