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 (for a 1.5% fee for immediate transfer) using a mobile phone app.^[1] In September 2021, the service reported 70 million annual transacting users and US$1.8 billion in gross profit.

History

Cash App was launched by Block, Inc. (formerly Square, Inc. at its launch) in October 15, 2013 under the name "Square Cash".

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.

In January 2018, Cash App added support for bitcoin trading.

In October 2019, Cash App added support for stock trading to users in 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.

On November 3, 2021, Square opened Cash App to teenagers between 13 and 17. The app previously required its users to be at least 18 years old. Younger teens will need a parent or guardian to authorize their account and will not have access to cryptocurrency or stock trading until they turn 18.