Cash App, previously known as Square Cash, is a famous American company that provides various services like mobile payment, crypto exchange, stock trading, etc. It got developed by Square, Inc. in 2013, and its market capitalization is $117 billion (as of November 2021). Cash App has recently introduced bitcoin trading on its platform, and it is gaining popularity very rapidly. Cash App has generated a gross profit of more than $1.8 billion. So, let us dive into this article to read this magnanimous American company's journey and success story.
Note - Cash App provide services in US and UK as of now, and it has reported over 70 million annual users as of Q3 of 2021.
Cash App – Key Highlights
- Company Name – Cash App
- Founded – October 2013
- Industry – Software, Money Transfer, Cryptocurrency
- Developer – Square, Inc.
- Operating System – Android, iOS
- Languages available – English, French
- Type – Mobile Payment
- Website – www.cash.app
Cash App – Brand Name and Logo
- Brand Name – The company's brand name denotes its work. It is the most appropriate name for the company, and it clearly defines their job.
- Logo – The company's logo is bright green with a dollar sign made. The green color makes the logo catchy, and the simplistic design makes it unique.
Cash App – Developer & New Additions
Cash App got founded in October 2013 by Square, Inc, 'Square Cash.' They introduced the money transfer feature in the app in 2015, and since then, it has become one of the most famous means to transfer money. Some of the other new additions to the app are as follows:
- Cash App started support for bitcoin trading in January 2018. It has become a prevalent platform for crypto exchange since then.
- It also added support for stock trading for its US customers in October 2019.
- They also made Credit Karma Tax as a part of their unit for $50 million. It is a free tax-filing service that customers can do themselves.
Cash App – Business Model
Cash App is 100% free for both android and iOS users, and users can download it from Apple App Store, Google Play Store, and other platforms. Since the app is free, so the company earns through the various services provided by them. On the other hand, Cash App charges a nominal fee from its users for any service other than standard money transfer.
Cash App – Revenue Model
Cash App earns revenue when the suers withdraw money from the app to their bank accounts. They also charge money when the users do not have a direct deposit account with the app. In addition, the company's revenue gets generated from the service they provide them during the buying and selling of bitcoins.
Cash App also gives loans to its users, and they charge interest over those loan amounts.
Cash App – Services
Cash App provides various kinds of services to its customers. Some of it is as follows:
- Banking – This service by the company allows its customers to send, store, and receive money from other individuals. They can also transfer money to any bank account, and they can also spend their money using Cash Card at any retailer. They also supported ACH (Automatic Clearing House) direct deposits since March 2018.
- Cryptocurrency – The company has recently started the cryptocurrency exchange on its platform. It is a significant step towards diversifying the company in the crypto field. Users can buy, sell, and send bitcoins to other people through the app. They can also withdraw it to an external wallet. Unlike other crypto exchange apps, the Cash App also allows the direct buying and selling of bitcoin (without any confirmation on the blockchain).
- Investing – Cash App allows its users to trade stocks on its platform for US residents only. They can buy and sell stocks with a minimum of $1 of most publicly traded companies.
- Money Transfer – This feature allows the users to transfer money via the phone number, $cashtag, and email. Unverified accounts can receive $1,000 per week and send $250 per week, but verified charges can send up to $7,500 per week, and the receiving limit is unlimited.
Cash App – Competitors
Some of the top competitors of the company are as follows:
- Google Pay
Cash App – For Teenagers
Cash App also added a unique feature to cater the teenagers between the ages 13 to 17. It was previously only for adults (18 years and above). As a result, teenagers will only require their parents or guardians to approve their accounts, and the teens will not have access to stock trading or bitcoin until they turn 18 years.
It is one of the company's most unique and significant initiatives to involve the younger generation. It will give them a piece of good knowledge about the natural world and they will much aware about all these things when they turn 18.