50 Facts About Cash App

Founding and Growth of Cash App

Cash App has become a household name in the world of mobile payments. Let's dive into its origins and growth over the years.

1. Cash App was launched on October 15, 2013, by Square Inc., which later rebranded to Block Inc. in 2021.
2. Cash App is a division of Block Inc., a financial technology company founded by Jack Dorsey and Jim McKelvey.
3. Operating in the finance industry, Cash App provides various financial services beyond just money transfers.
4. In 2023, Cash App generated $14.3 billion in revenue, marking a 34.9% increase from the previous year.
5. Cash App made a gross profit of $4.32 billion in 2023, its highest reported annual profit.

User Base and Features

Cash App offers a range of features that cater to its growing user base. Here’s a closer look at its users and some of its standout features.

6. As of 2023, Cash App has over 55 million users, with almost all users based in the United States.
7. Of the 55 million users, 22 million have a Cash App Card, which functions like a normal debit card.
8. In Q4 2023, Cash App had $63 billion in customer inflows, the amount of money deposited by customers during that quarter.
9. 76% of Cash App's revenue comes from Bitcoin transactions, highlighting the app's strong focus on cryptocurrency.
10. Cash App users can buy and sell Bitcoin, with the current fee for a Bitcoin transaction being 1.76%.

Investing and Savings

Cash App isn't just for sending money. It also offers investment and savings options that make managing finances easier.

11. Cash App allows users to invest in stocks with no commission fees, making it easier to manage investments without additional costs.
12. Cash App offers a free tax-filing service called Cash App Taxes, which guarantees to be completely accurate and can deposit refunds up to five days faster than a bank account.
13. Cash App offers a savings feature with a competitive interest rate of 4.50% APY if users meet certain requirements, such as having a Cash App Card and receiving direct deposits of at least $300 per month.
14. The savings balance on a Cash App Card is FDIC-insured through Wells Fargo Bank, providing protection up to $250,000 per depositor.
15. Cash App does not charge monthly service fees for its services, including the savings account and debit card.

Accessibility and Customer Support

Cash App ensures that users can access their finances anytime, anywhere, and offers robust customer support.

16. The minimum opening deposit for a Cash App savings account is $1, making it accessible to a wide range of users.
17. To earn the highest interest rate on the savings account, users must receive direct deposits of at least $300 per month into Cash App.
18. Interest on the savings account is compounded and paid monthly, helping users grow their savings over time.
19. Cash App is accessible anytime from a smartphone, making it convenient for users to manage their finances on the go.
20. Cash App customer support is available by phone from 9 a.m. to 7 p.m. ET every day, and users can also reach out through live chat on the app.

User Experience and Security

Cash App prioritizes user experience and security, ensuring that users feel safe and satisfied while using the app.

21. The app is rated 4.6 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store, indicating high user satisfaction.
22. The Cash Card, which is a debit card linked to the app, offers in-app integrations like Round Ups and instant discounts at checkout.
23. The Round Ups feature automatically rounds up purchases to the nearest dollar and deposits the extra money into the user's savings account or purchases Bitcoin.
24. Cardholders can utilize offers for instant discounts at various retailers, including coffee shops, retailers, and restaurants.
25. Cash App is partnered with financial institutions to provide additional services, such as FDIC insurance for deposits.

Limitations and Security Measures

While Cash App offers many benefits, it also has some limitations and security measures to be aware of.

26. Cash App is currently available only in the United States and the UK, limiting its international use.
27. New users are initially limited to sending and receiving up to $1,000 during the first 30 days on the app, after which the limit can be raised.
28. Cash App cannot be used internationally, requiring users to rely on other apps like Venmo or Zelle for transactions abroad.
29. While Cash App does not offer FDIC coverage itself, it partners with banks like Wells Fargo to provide FDIC insurance for deposits up to $250,000 per depositor.
30. In 2020, Cash App added the capability to trade stocks for adult United States residents, allowing users to buy and sell fractional shares of most publicly traded companies with a minimum investment of $1.

Additional Services

Cash App continues to expand its services, offering more ways for users to manage their finances.

31. Stock trading on Cash App follows standard market hours of 9:30 a.m. – 4:00 p.m. EST and can be managed from the app's investing section.
32. In October 2023, it was reported that Cash App allowed a subset of users to borrow up to $200 from the app, providing a personal loan feature.
33. In November 2020, Square acquired the tax-preparation division of Credit Karma and integrated it into Cash App as Cash App Taxes, offering free online tax filing in the US.
34. Cash App Taxes guarantees to be completely accurate and can deposit refunds up to five days faster than a bank account, making it a convenient option for tax filing.
35. Cash App is highly rated by users, with positive reviews highlighting its ease of use, convenience, and variety of financial services.

Market Position and Competitors

Cash App holds a strong position in the market, competing with other major financial apps.

36. Cash App competes with other major financial apps like PayPal, Venmo, Apple Pay, and Google Pay, each offering unique features and services.
37. As of November 1, 2021, Square had a market capitalization of $117.4 billion, indicating its significant presence in the financial technology sector.
38. Cash App operates on a free-to-download model, incentivizing more users to create an account and use its services. Additional services beyond standard money transfers are offered to retain users and increase revenue.
39. The app's user-friendly interface and various features encourage high user engagement, with many users utilizing multiple services offered by Cash App.
40. Cash App aims to provide financial inclusion by offering accessible financial services to a wide range of users, including those without traditional banking accounts.

Financial and Regulatory Compliance

Cash App adheres to financial regulations and continues to grow its customer base.

41. Like banks, Cash App is required to hold 10% of deposited funds in reserve, adhering to regulatory requirements for money creation and lending.
42. Customer inflows have been steadily increasing, with Q4 2023 seeing $63 billion in deposits, indicating growing trust and usage of the app.
43. Bitcoin transactions dominate Cash App's revenue, with 76% of total revenue coming from these transactions in 2023.
44. The majority of Cash App users are based in the United States, with a significant presence in the UK, reflecting the app's popularity in these regions.
45. The number of Cash App Card owners has been increasing steadily, from 3.5 million in 2019 to 22 million in 2023, indicating growing adoption of the debit card service.

Savings Goals and Interest Rates

Cash App offers features to help users save and earn interest on their money.

46. Cash App allows users to set individual savings goals, helping them contribute money towards specific financial objectives.
47. To create a savings goal, users can set a goal amount and add an emoji that represents their goal, making the process more engaging and personalized.
48. The savings account offers a base yield of 1.50% APY if users do not meet the requirements for the higher interest rate of 4.50% APY, which is earned by receiving direct deposits of at least $300 per month.
49. The savings balance on a Cash App Card is FDIC-insured through Wells Fargo Bank, providing protection up to $250,000 per depositor. This insurance ensures that user deposits are secure and protected against bank failures.
50. Cash App customer support is available by phone from 9 a.m. to 7 p.m. ET every day, providing users with a reliable means of assistance when needed.

Cash App's Impact and Growth

Cash App has come a long way since its launch in 2013. With over 55 million users, it's clear that this app has made a significant mark in the financial tech world. From peer-to-peer money transfers to Bitcoin transactions and stock investments, Cash App offers a variety of services that cater to different financial needs. Its user-friendly interface and competitive interest rates make it a go-to for many. The addition of features like Cash App Taxes and the Cash Card only adds to its appeal. Despite some limitations, like being available only in the U.S. and UK, Cash App continues to grow and innovate. Its focus on financial inclusion and customer satisfaction sets it apart from competitors. Cash App's journey is a testament to how technology can simplify and enhance our financial lives.