Apps that allow their users to make payments through social networks have grown and diversified over the past few years. It is become easy and simple to make day to day payments with these peer-to-peer (P2P) online payment apps.
And In this post, I will share one of the most user-friendly peer-to-peer app known as Cash App which has a good reputation with a 4.5-star rating on the Apple App Store with more than 7 Million active users as of 2018. This app is free and charges no fee to download. It is a mobile payment service developed in 2013 by Square, Inc. and is available in English and French.
One of the best things that makes Cash App stand out among other P2P apps is the ability to monetize a growing user base by adding many revenue-driving services.
So, What exactly a Cash App is?
What is Cash App?
Basically, Cash App allows its users to pay through their smartphones for services and goods and the idea behind starting this app is to complete with other payment gateways such as PayPal, Google Pay, Apple Pay, etc.
This App now allows its users to receive direct deposits and ACH payments, it also permits its users to transact in Cryptocurrencies such as Bitcoin through the App. However, you can use this app to send, receive or request payments.
Recently introduced a new feature called “investing” to able users to trade stocks within the application commission-fee. This App has expanded into one of the largest transaction companies in the United States.
The app also recently introduced a new feature known as “Investing.” This feature permits traders to trade stocks within the application commission-free.
User will be known by it’s email address or phone number instead of an account number.
How Cash App works?
When the user gets registered on this App and does transactions this app charges business that accepts Cash App payments a 2.75% transaction fee. And it can be done /either two ways.
- In-Application P2P payments to a business.
- Customer pay through App’s Cash Card.
Let’s now talk about What experience you will get using this app.
First, you need to download this app for free through the apple or google play store. Then, create an account by putting your information, then you’ll receive a unique Cash App identifier, which will allow you to receive and do payments.
Making and Receiving Payments through Cash App
Sending and receiving money with Cash App is very simple and user friendly.
If you want to send money to someone you need to add a phone number, name, or cashtag (a unique identifier for individuals or businesses) of the person to whom you want to send money following adding the amount you want to pay.
Once you do the procedure, the user will get a notification or email with the funds you’ve sent. Also, you can send money via a browser if you have the recipient’s cashtag URL.
If you are wondering that where do the funds you pay come from? The answer is simple, from your Cash App account, a credit card, or debit card. Also, this app is popular for charging no money when you receive or make payments via family and friends.
If you want to receive funds from someone then you can request money from somebody by going to the > Cash tab and enter the funds you want to receive. Then, click the request button and enter the information of a person you want to receive funds from or by manually adding cashtag of that particular person. Once you get your funds in form of a Cash App balance you can withdraw funds into a connected bank account. You may have the option for making the process faster of getting money by choosing the transaction period that suits you.
How much money you can send with Cash App?
You can send or receive up to $1,000 within any 30 day period. You can always increase this limit by providing your additional details such as full name, date of birth, and last 4 digits of your SSN.
How much you will be charged by sending money with Cash App?
If you send money via Credit Card you will be charged 3%. You will not be charged any fees if you use a Cash App balance or bank account to send money. Also if you are sending money to the United Kingdom it will cost you zero-fee but will be charged when you send money to other parts of the globe.
Pros and Cons of Cash App
Pros of using Cash App
So this platform is popular and user friendly because it offers good services and features that are very helpful for the users.
Here are the benefits that you will get when you use this app.
- Secure transactions
- No fees on basic level
- Optional free debit card for online and in-store purchases
- Ability to buy and sell stocks
- Good alternative to traditional banking
- Square recently added the feature to sell and buy bitcoin through this app
Cons of using Cash App
- Limited number of funds you can receive or send within 30 days
- Some markets are not able to get a Cash App card or buy bitcoin.
- Only users from USA and UK can access to Cash App and it’s features.
Is Cash App safe to use?
Information used in this app is encrypted and send through secure servers. But for your own safety, it is always advised to take additional security measures so that your data, money, and account will be ensured.
It has a feature to enable an in-app security lock with a passcode. To prevent any scam it is best to be careful with whom you do business and share your personal or account details.