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What is Cash App?

First, we used to trade items of worth between each other. 2 bananas for 1 apple. Then we swapped gold for items. Then we moved on to paper money. That is a quick overview of money. If you want a more detailed history you can check out videos on Youtube.

In recent times, everyone carried around cash with them to pay for things. If you owed your friend money, you would bring over cash to them. With the invention of smartphones and contactless payment, people are carrying around cash less and less.

Cash App is the next invention to send money to people. Rather than having to go through your banking app, getting the person's details, and add them to your account, Cash App can let you send money with just an email address.

Cash App is not a replacement for your bank account. You’ll still need one to be able to deposit and withdraw funds. It just makes sending and receiving money easier.

Benefits of Cash AppNo Fees

With Cash App, you’re not charged any fees. No monthly ones, no fees to send or receive money. And none for depositing or withdrawing money.


Optional Debit Card

You can order yourself a “Cash Card” which is a debit card that will allow you to pay for goods like a normal bank account, using the funds in your Cash App.


Free ATM withdrawals

As long as you have set up ATM withdrawals, you’ll be able to draw out any money on your Cash App account by using your “Cash Card.” You will need to set up the direct deposit on your Cash App or you’ll be charged $2.


Boost on Cash Card

If you have a Cash Card you can apply something called boosts. This allows you discounts from certain companies when using your Cash Card. You can only have one applied at a time but you can change which boost you have whenever you want. The boost discounts will be different depending on where you are in the world.


Referral Bonus

If you can get your family and friends using Cash App, you can use their referral scheme. This is just a link that you can send them, and if they sign up you can get a cash bonus of $5 for each person.


Investments

Cash App has an option to invest money into stocks. You can invest as little as $1 or you can set it up so you can have repeat investments every day or week. Money for investment will be taken out of your Cash App account or from the bank account that you have linked to Cash App.


Bitcoin

Cash App can allow you to buy and sell Bitcoin as well. However doing so comes with fees, so make sure you do your research before buying and selling.

 

If you find yourself having to send and receive money regularly then Cash App can make the whole process less of a headache. All you need to do is go to your app store, search Cash App, install and create an account and get sending.

 

 

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Amita Choudhary

Amita Choudhary

Marketing Manager

Princeton Growth Accelerator

Member since

07 Jun 2020

Location

Princeton

Blog posts

40

This post is from a series of posts in the group:

Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.


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