Cash App is a mobile payment and financial services platform launched in 2013 by Block, Inc. (formerly Square, Inc.). It allows users primarily in the United States to send and receive money quickly and conveniently through peer- to-peer (P2P) transfers using a phone number, email, or a unique identifier called a $Cashtag
. Beyond simple money transfers, Cash App offers a range of financial services including:
- A customizable debit card called the Cash Card, which can be used for purchases and ATM withdrawals
- Direct deposit capabilities for paychecks, tax refunds, and government benefits
- The ability to buy, sell, and hold bitcoin cryptocurrency
- Stock investing without commission fees
- Personal loans for eligible users
- Free online tax filing through Cash App Taxes
Cash App functions similarly to a digital wallet and mobile banking app, providing users with account and routing numbers, FDIC insurance on balances up to $250,000, and security features such as encryption and two-factor authentication
. The app is free to download and use for basic services, with fees applied for instant transfers, ATM withdrawals without direct deposit, bitcoin transactions, and business payments
. As of 2024, Cash App has over 57 million users and processes hundreds of billions in annual transactions, making it a widely used financial tool in the U.S.
In summary, Cash App is a versatile financial platform combining peer-to-peer payments, banking features, investing options, and tax services in one mobile app
