In the current world we are living in today, the need for peer-to-peer payment systems has been on the rise. This has been as a result of the need to facilitate money transactions. The Square Inc. Company is amongst those firms that have made a valid attempt to fill this market gap. This company created CashApp in a bid to serve the people seeking to carry out money transactions. Below is a brief review of the app.
NAME OF APP: CashApp
MANUFACTURER: Square Inc Company
OVERALL RATING: 4/5
What is CashApp?
Cash App is a mobile app that enables people to send and receive money through directly from their bank account using a debit card. This CashApp account comes hand in hand with a Visa debit card, which is one of the most popular cash cards. With this app you can pay for goods and services in the US from your CashApp balance without involving your bank account or relying on your personal credit card.
It also gives its users the opportunity to invest their money in stocks and trade them between themselves.
How Does it work?
After downloading CashApp, feed in your mobile or your email as well and create a unique username defined by the app as a $ cashtag. After this, link your bank account or your debit card.
(a)How to send money
Type in the amount of money you wish to send and tap the pay icon. You could as well import your contacts and transfer cash to anyone having a mobile phone number, email address and a $ cashtag. Give good reasons for the payment transaction then tap to send.
(b)How to receive money
On receiving payment , the email or rather the text notifies you. Open the app and tap the icon clock present on the home screen to view it.
(c)How to refund money
Tap the payment you are wishing to refund, chose refund then tap OK
What are its main features?
(a)There is a fee incurred to use a credit card- CashApp charges 3% of the transaction to send money through a credit card normally linked.
(b)There are sending limits on the cash card- There is a maximum that can be spent in your cash card that is $1000 daily as well as weekly. Monthly, the maximum is $1250.
(c)The cash card has withdrawal limits- The highest amount that can be withdrawn at an ATM or store register via a cash -back transaction is $250 per transaction on a daily basis.
(d) Your funds are not FDIC-insured-Its functionality may resemble that of a bank but there is a clear distinction between the app itself and a bona fide ,bank -chartered financial institution.
Pros and Cons of Cash App
- It is cheap to send money to friends having a phone number or email.
- Buying and selling Bitcoin one on one from your CashApp balance.
- Security features like a PIN login, face and fingerprint, ID encryption and Bitcoin storage are well enhanced.
- Transparency is limited where other transactions are run using the app.
- A payment of 1.5% fee must be paid to cash out instantly.
- It does not support international payments.
- Verification of one’s account must be done to increase one’s sending and receiving limits.
Owing to the above features, then it is worth noting that CashApp has brought an easier way of doing money transactions. It has gone a notch higher in terms of making the business transactions cheaper and quicker to carry out.