Block-owned Cash App is piloting a feature that allows users to see in real-time how the way they interact with the app influences their financial health.
The Cash App Score gives customers an insight into how Block determines their credit eligibility.
The pilot sees some customers given the option to navigate to a tile within the app to view their current score alongside personalised insights. The interface highlights specific steps that may impact their score, such as maintaining funds in their Cash App Balance, depositing a paycheck, or repaying a Cash App Borrow loan on time.
If a customer take any of these steps, the app updates their score dynamically, showing progress over time.
"We've been using our near real-time underwriting models to power credit products for years," says Brian Boates, risk lead, Block. "What the Cash App Score pilot does is give customers transparency into how their credit eligibility is determined. For the first time, customers in the pilot can see their scores, understand what factors are influencing them, and take specific actions to build their financial health within Cash App."
Separately, Cash App is also piloting the introduction of Block-owned Afterpay BNPL services on its card. Participating Cash App Card holders will be able to turn their online or in-store transaction into a pay-over-time purchase anywhere Visa is accepted, through the issuance of a new Visa Debit Flex Card.
"We're bringing together Block's underwriting muscle with Afterpay's proven pay-over-time expertise to deliver something our 26 million monthly Cash App Card actives have been asking for," says Owen Jennings, head of business, Block.