Cash App is a mobile payment service that allows users to send and receive money quickly and easily. It was developed by Square (now called Block Inc.), a financial services and digital payment company founded in 2009 by Jack Dorsey, who is also the co-founder and CEO of Twitter.
Cash App allows users to create an account linked to their debit card and bank account, and then use that account to send and receive money to and from other users. The app also offers additional features such as the ability to buy and sell Bitcoin and invest in stocks.
Brief History of Cash App and Square:
Square launched Cash App in 2013 as a way to make peer-to-peer payments more convenient and accessible for everyday users. The app quickly gained popularity due to its ease of use and low transaction fees, and has since expanded to include additional features such as a prepaid debit card linked to the user’s account, options to invest money in stocks and bitcoin.
Square itself was founded in 2009 and began as a way for small businesses to accept credit and debit card payments without the need for a traditional point-of-sale system. The company has since expanded to offer a range of financial services, including loans, payroll processing, and inventory management tools.
While Cash App is primarily in USA, it is also accessible to users in UK with limited features.
Benefits of Using Cash App:
There are several benefits to using Cash App as a payment service. Some of the key advantages include:
- Convenience: Cash App allows users to quickly and easily send and receive money from their mobile devices, without the need for cash or checks.
- Low Transaction Fees: Cash App’s transaction fees are generally lower than those of traditional payment methods, making it an affordable option.
- Security: Cash App uses encryption and other security measures to protect user data and transactions, giving users peace of mind when using the app.
- Additional Features: Cash App originally became popular as a peer-to-peer payment app. However, it has now become a super app of sorts- In addition to its core payment functionality, Cash App offers a range of additional features like ability to invest in stocks, crypto, borrow money, accept direct deposits etc.
Getting started with Cash App
Getting started with Cash App is simple and straightforward. Here are the steps you need to follow to start using the app:
- Downloading and installing the app: Cash App is available for free download on both the Apple Store and Google Play Store. Simply search for the app and download it onto your smartphone.
- Creating an account: Once you have downloaded the app, open it and follow the on-screen instructions to create an account. You will be required to enter your name, email address, and phone number.
- Linking a debit or credit card to your account: To start sending and receiving money, you will need to link a debit or credit card to your account. You can do this by selecting the “Add a Card” option in the app and following the prompts to enter your card details.
Once you link a debit card, you can also do an instant deposit (cash-out) from Cash App to your bank account, for a fee. - Setting up a Cash App account with a unique identifier called a $Cashtag: A $Cashtag is a unique identifier that you can set up for your Cash App account to make it easier for people to send you money. It is essentially a username that you create for your account. To set up a $Cashtag, select the “Profile” tab in the app and then select “Edit” next to the $Cashtag field. You can then enter the username that you want to use.
Sending and receiving money is the main feature of Cash App, making it a popular choice for peer-to-peer payments.
Here are the steps to send and receive money with Cash App:
Sending Money with Cash App
- Open the Cash App and sign in to your account.
- Tap the “Send” button located in the bottom left corner of the screen.
- Enter the amount you want to send.
- Choose whether you want to send the money to a phone number, email address, or $Cashtag (a unique identifier for each Cash App user).
- Enter the recipient’s information and a note, if desired.
- Review the transaction details and tap “Pay” to send the money.
Requesting Money with Cash App
- Open the Cash App and sign in to your account.
- Tap the “Request” button located in the bottom center of the screen.
- Enter the amount you want to request.
- Choose whether you want to request the money from a phone number, email address, or $Cashtag.
- Enter the recipient’s information and a note, if desired.
- Review the transaction details and tap “Request” to send the money request.
Receiving Money with Cash App
- Open the Cash App and sign in to your account.
- Tap the “Activity” tab located in the bottom right corner of the screen.
- Look for the pending transaction and tap on it to accept the money.
- The money will be added to your Cash App balance.
Paying for daily expenses with Cash App
You can even make your daily payments using Cash App. The best way to do this would be link the Cash App card to wallet like Apple Pay.
Cash App also has recently launched “Cash App Pay” that allows you to pay right from your mobile by scanning the QR code at the merchant outlet. While this used to work previously with only those merchants that use Square terminals, Cash App has recently extended this offering by tying up with few merchants like Tommy Hilfiger, American Eagle, Aerie, JD Sports etc.
Adding money to Cash App
You can add money to your Cash App balance using linked bank account or debit card. You also have the option to add paper money to Cash App, a paid feature at a fee of $1 per transaction.
This feature is however not available to all users and there is no specific guidance on the reason behind why you don’t see Cash App paper money feature.
Checking Your Cash App Balance
- Open the Cash App and sign in to your account.
- Look for your balance located in the middle of the screen.
- Your balance will be displayed in green, and you can view your transaction history by tapping on it.
Using Cash App with other Payment Methods
Cash App offers several payment methods that you can use to transfer money. In addition to sending money from your Cash App balance, you can also use the app to transfer money from a linked bank account, credit card, or debit card. Here’s a closer look at each of these payment methods:
- Cash App balance: The most basic way to use Cash App is to transfer money from your Cash App balance. You can add money to your balance using your linked bank account, credit card, or debit card.
- Linked bank account: You can also link a bank account to Cash App and transfer money directly from your account. This is a good option if you don’t want to use a credit card or if you have a large amount of money to transfer.
- Credit card: Cash App allows you to link a credit card to your account and use it to transfer money. However, keep in mind that using a credit card may result in a fee.
- Debit card: Finally, you can link a debit card to your Cash App account and use it to transfer money. This option gives you the ability to make instant deposits from Cash App to your bank account (using the debit card, not available when directly linking a bank account).
- Prepaid Cards: You also have option to add a few prepaid cards with Cash App.
- Google Pay/Apple Pay: You can even add your Cash App Card to Google Pay or Apple Pay.
Cash App Card and Boosts
Cash App Card and Boosts are two features that can enhance your Cash App experience. In this section, we will discuss what they are and how to use them.
What is a Cash App Card?
A Cash App Card is a physical debit card that allows you to spend the money in your Cash App account. The card is linked to your Cash App account balance and can be used anywhere that accepts Visa. You can also withdraw money from ATMs using your Cash App Card.
There are number of benefits that you can leverage once you get a Cash Card
- You can use Cash Card at just about any place VISA is accepted e.g. Gas Station, Restaurants like Starbucks
- You get the benefit of FDIC insurance with Cash Card on your Cash App balance
- You get the ability to use Cash App Boost offers
- You also get the benefit to link Cash App with wallets like Apple Pay / Google Pay, Venmo etc.
Cash App Card supports touchless payments and that’s the reason you may also get the NFC tag detected error on Cash App, when your card is held close to your phone.
How to order and activate your Cash App Card
Ordering and activating your Cash App Card is a simple process. Here are the steps:
- Open your Cash App and click on the Cash Card icon located at the bottom of the screen.
- Click on “Get Cash Card” and follow the instructions to select your design and personalize your card.
- After your design is selected, confirm your personal information and mailing address.
- Once you have reviewed your information, click on “Continue” to complete the order process.
- When you receive your card in the mail, you can activate it by following the instructions on the envelope.
You also have options to opt for a metal Cash Card at a price of $5.
In case you loose your Cash Card, you have the option to lock it to protect against misuse and get it replaced with a new card.
Using your Cash App Card to make purchases
Once your Cash App Card is activated, you can use it to make purchases wherever Visa is accepted. You can also use your Cash App Card to withdraw money from ATMs. It’s important to note that there may be fees associated with ATM withdrawals, so be sure to check your account balance and any associated fees before withdrawing cash.
Boosts: what they are and how to use them
Boosts are special cashback offers that allow you to save money on purchases made with your Cash App Card. To access Boosts, follow these steps:
- Open your Cash App and click on the Cash Card icon located at the bottom of the screen.
- Scroll down to the “Boosts” section and select the offer you want to use.
- Once you have selected your Boost, click on “Save Boost” to activate it.
- Use your Cash App Card to make purchases at participating merchants to take advantage of the Boost.
Boosts are only available for a limited time, so be sure to check the app regularly to take advantage of new offers.
Security and Privacy on Cash App
Cash App takes security and privacy very seriously, and offers a number of features to help protect its users’ accounts. Here are some of the key security and privacy features available on Cash App:
Overview of Cash App’s security and privacy features
- End-to-end encryption: All communication between Cash App and its servers is encrypted, which helps protect your personal and financial information.
- Two-factor authentication: You can enable two-factor authentication to add an extra layer of security to your Cash App account. This means that when you log in or perform certain actions, you’ll need to enter a code that’s sent to your phone or email in addition to your password.
- PIN protection: You can set up a PIN code to protect your Cash App account on your device. This means that even if someone else gets access to your phone, they won’t be able to use your Cash App account without your PIN.
- Touch ID and Face ID: If your device supports it, you can use Touch ID or Face ID to quickly and securely log in to your Cash App account.
How to enable two-factor authentication
To enable two-factor authentication on Cash App:
- Open the Cash App and tap on your profile icon in the upper-left corner.
- Scroll down and select “Privacy & Security”.
- Tap on “Two-Factor Authentication”.
- Select your preferred method of receiving the verification code (via phone or email).
- Enter the verification code when prompted.
Protecting your Cash App account from fraud and scams
Unfortunately, there are scammers who try to trick people into sending them money through Cash App. To protect yourself from fraud and scams, here are some tips:
- Only send money to people you know and trust.
- Be wary of unsolicited requests for money, especially from people you don’t know.
- Don’t share your Cash App login credentials with anyone.
- Don’t provide personal or financial information to anyone who contacts you through Cash App.
How to report unauthorized transactions
If you notice any unauthorized transactions on your Cash App account, you should report them immediately. Here’s how:
- Open the Cash App and go to the Activity tab.
- Find the transaction you want to report and tap on it.
- Tap on the “…” icon in the upper-right corner.
- Select “Report a Problem”.
- Follow the on-screen instructions to report the transaction as unauthorized.