Cash App: How Does it Work
As a fintech tool, Cash App has continued to gain mainstream adoption as a peer-to-peer payment app. It has become a popular payment method for many mobile users. Cash App conveniently lets you receive and send money through your mobile. Not only does it offer mobile banking, but you can use it to purchase Bitcoin and stocks. You can even file your taxes through the platform.
What is Cash App?
Cash App is a peer-to-peer payment app that lets people quickly send, receive, and invest their money in stocks. The app was launched as a competitor to PayPal and Venmo in 2013 by Block Inc. Cash App is not a bank but a financial platform. The debit cards and bank services it provides are through its bank partners. Cash App balances are insured through partner banks by the Federal Deposit and Insurance Corporation. Its investing services are through Cash App Investing LLC, which is registered under the Securities Exchange Commission as a member of the Financial Industry Regulation Authority and broker.
You can use Cash App to send and receive money and acquire a debit card that accepts direct deposits. With the investing feature, you can invest in stocks for as low as $1. This is possible by purchasing stock portions called fractional shares. Users can also purchase, transfer, or sell Bitcoin on the platform. Filing taxes has also been made easy as its users can do so through the app, making it the go-to for financial services.
The Cost of Using Cash App, Transaction Limits, and Safety
To use Cash App, you have to download it from your device’s official application store, whether Android or iOS. Cash App provides several tabs for all of its different services, including debit cards, investing, payments, bitcoin, and banking. Cash App costs nothing to download, install, and create an account. Most of its services have no charges. Transferring from Cash App balance to a connected bank account costs nothing, but instant transfers have charges. If you use a Cash Card then you will be charged ATM fees, and also if you buy or sell bitcoin. You will be notified of the fees before every transaction.
Originally Published on The Tech Trend
