Cash App $750 Reward
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Cash App is a peer-to-peer payment service that’s catching on fast. Cash App grossed $385 million in 2020, representing a 212 percent increase in profits from the year before.
“Cash App is a relatively strong option for sharing cash and its other functionality. It’s not too different from Zelle, Paypal or Venmo,” says Ray Kimble, Founder and CEO of security firm Kuma LLC.
More and more Americans are using computers and smartphones for our banking needs. About 65 percent of Americans are expected to bank online by 2022. If you’re looking for a new payment app, Cash App might do the trick, but there are some drawbacks. Here’s what to know about Cash App before signing up.
What Is Cash App?
Cash App is a mobile app-focused money transfer service. You can send and receive funds directly and quickly, like you could with PayPal or Venmo. But Cash App features a few other functions as well.
Aside from transferring money, Cash App will provide you with a bank account and a debit card, which you can use at any ATM. You can even invest in stocks and Bitcoin through the app. Some of these services are free, while others require a fee. There’s a major downside here though: your Cash App balance is not FDIC-insured. That’s protection for your money, so there’s no guarantee that you’ll get your money back if something goes wrong.
Cash App has been around since 2013. It was originally called Square Cash, in reference to Square Inc., Cash App’s parent company. Square Inc. was co-founded by Jack Dorsey of Twitter.
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