The Cash App (formerly known as Square Cash) is a mobile payment service developed by Square, Inc., allowing users to transfer money to another using a mobile phone application. On February 18, 2018, the service registered 7 million active users.
The service allows users to request and transfer money to another cash account through their application (called "Cash App" or email.) Users can choose to withdraw the money with their Visa debit card (nicknamed as cash card). ) at ATMs or transfer it to any local bank account.
The Cash Card is a black and customizable card. Users are asked to sign their name in the application for mobile devices. The signature will be printed on the card and sent to the user.
Square Cash also presented his exclusive username, known as $ cash tag. Allows users to transfer and request money from different users by entering that username.
As of March 7, 2018, Cash App supports direct ACH deposits
Cash App is free for people to download and use to send, request or receive money - which leaves many people imagining how Square makes money with that. The answer: through rates for companies that use the application, as well as small fees for individuals who choose to use their extended services.
Square earns money with the Cash App by charging company transaction fees for the use of its software. The company charges 2.75% per transaction for companies that accept payments with the Cash application.
Square also makes money with people who use the application. Although people can use
Cash App for free to transfer money to friends or businesses, they have the option to use their extended resources for additional fees.
Individuals and companies can download the free PayPal software on their Android and iOS devices through the App Store or Google Play. After linking a debit card to the application, users can start sending and receiving money from other users of the application.
One of the main differences between Square Cash and its competitors used to be that Square Cash transferred money in and out of the user's debit card account directly instead of keeping the money in an account through the service provider. However, this changed when Square launched the Cash Card in May 2017.