The P2P Payment: Cash App Latest Updates

Author: Brown Campbell 

Cash App is a free-to-use mobile payment service developed by Block Inc, formerly Square. The platform allows users to transfer funds quickly. Cash App is one of the most prominent players in the mobile payment industry with over 70 million active users. To serve its users better, the company introduced new features and functionality to tackle financial problems. 

Here are some of the latest updates and features Cash App added to its system.

Gift Stock And Cryptocurrency

Cash App is among the first peer-to-peer (P2P) payment services to offer its users a way to access stock and cryptocurrency. 

Users do not need to own any cryptocurrency or stock to send them as gifts, they only need their Cash App USD balance or debit card to transact. 

The receiver can choose to redeem the gift as an asset (cryptocurrency) or as USD. 

Bitcoin Updates 

Cash App has a mission to make it easy for everyone to join the bitcoin revolution. With that in mind, the company is coming up with new updates and features in the cryptocurrency space that will bring economic empowerment to people who need it the most.

Cash App unveiled several new features at a 2022 bitcoin conference held in Miami. Below is a list of the newly integrated bitcoin features on the Cash app’s platform.

Paid in Bitcoin

The peer-to-peer payment giant (Cash App) announced that it would be launching a new feature that will allow users to receive payments in bitcoin. The new feature will enable Cash App Visa Card users to Automatically convert 1-100% of their salary into Bitcoin.

Bitcoin Roundups

The addition of Bitcoin Roundups allows users to round up payments to the nearest dollar while the remaining balance will be converted to Bitcoin.

Now you can convert all the spare change from transactions to bitcoin. 

Lighting Network

The lighting network is a layer two payment protocol, built on top of a blockchain-based cryptocurrency such as bitcoin that enables off-chain transactions over the network.

In January 2022, Cash App became the first public company to support lightning withdrawals. This new feature also made it possible for Cash App users to make faster bitcoin transactions over the lightning network without requiring any block confirmation. The company announced that its integration with the lighting network would make it possible for customers to use bitcoin at a point of sale.

Cash app also announced that athletes (Aaron Rodgers and Beckham Jr.) will be partnering with them and will now be receiving a portion of their salaries as bitcoin. They join a quickly growing list of stars such as Tom Brady and Steph Curry, who have partnered with other cryptocurrency companies.

Conclusion

Cash App has made significant strides in bitcoin integration, making it possible for users on the platform to sell and buy bitcoin easily. The company announced that more than 10 million customers have purchased bitcoin through its platform since 2018. Aside from this, the company allows its users to send stock as gifts.