CashApp was formerly called Square Cash and it is a mobile financial payment application that allows its users to be able to transfer money from one Cash App account to the next, send and receive money, carry out Bitcoin transactions, invest in stocks and so on. We are going to discuss How Does CashApp works and its Primary Features. CashApp has met so much popularity over the years that it continues to make a name for itself in the IT and Finance world. No doubt, the app deserves the recognition because it has made it easy for people to carry out cashless transactions right from their mobile phones.
CashApp is a peer to peer financial service that you will love using. It is very fast and also easy to set up. In this article, we will be looking at Cash App in details, look at how the finance app works, and the main features that constitute the application.
Cash App was developed by Square Company and it allows you to carry a whole lot of financial transactions out right on your mobile phone. You can also use the Cash App on your PC, that is if you know the technical process of setting up on PC. Cash App has some unique features which we will discuss below on How Does CashApp works and its Primary Features;
Cash App has very good security features
You can set a PIN login, fingerprint ID or Face ID for your Cash App account. You can also do offline Bitcoin storage as well as encryption with your Cash App account. Also, whatever PIN you use for your Cash App account is also the same PIN you will use for your Cash Card debit card according to the company. The reason they call Cash App a peer-to-peer financial service app is because, you will only be doing financial transactions with people that you know. The security that Cash App offers according to the Square company, is unrivalled.
You can also trade in Bitcoin
Cash App allows its users buy and sell BTC directly from the Cash App and its balance. This is a very huge advantage it has over other finance apps. Because lots of young people today, want to be able to trade in their favorite cryptocurrency.
Cash App account only needs your phone number or email address
You will be able to send money to your friends with just their phone number and email address as well. Yes, that’s all you will need.
Cash App is basically free.
For many of the basic financial services you will be carrying out, you will not be charged any fees at all. No monthly fees are charged when you use Cash App according to the company. There are some financial services that we have all had experience with, who charge for every single thing including inactivity fees, foreign transaction fees, monthly fees etc. All these fees end up taking a toll on the user’s account balance. But with Cash App, there are absolutely no unnecessary fees.
CashApp lets you choose to have their debit card.
They have a debit card that they issue out to willing customers who wish to be in possession of it. The Cash App debit card is called Cash Card. It allows Cash App users to be able to withdraw money that they have in their Cash App account at the ATM. You can also make transactions with the Cash Card. Cash Card is issued by Sutton Bank for willing Cash App users and it is entirely made for your Cash App account.
You can also win some money when your friends sign up with your referral
For every single friend you refer to CashApp, you get a cash bonus to your account. You will be given a referral code which you will send to your friends, if they sign up for CashApp with your referral link, then you will receive a bonus of $5 for each friend!
More Information on How CashApp works
- In order to send money from the credit card you linked to your CashApp account, you will be charged a small fee. A total 3% of the transaction will be charged.
- There is a limit to the amount of money you can send using the Cash Card you are issued
- There is also a limit to the amount of money you can withdraw at a time, per day, per week and per month. For more information, visit the official Cash App website at https://cash.app
- Your funds with Cash App are not FDIC-insured. Only the Cash Card is issued by Sutton bank which is FDIC-insured.