Cash App Now Lets You Split Costs With Anyone – Even Non-Users
▼ Summary
– Cash App introduced a new “pools” feature for users to collectively fund expenses like groceries, vacations, or group gifts, with a wider rollout planned in the coming months.
– Users can create pools by setting a target amount and inviting contributors via $cashtag or sharing a link for non-users to pay through Apple Pay or Google Pay.
– Pool organizers can close the pool anytime and transfer the collected funds to their Cash App balance.
– The inclusion of non-users via Apple Pay and Google Pay aims to boost participation amid lower-than-expected app usage and missed profit targets.
– The feature is part of Cash App’s strategy to compete with Venmo and PayPal, which already offer money-pooling services.
Cash App’s latest update introduces a game-changing way to split expenses, even with people who don’t use the platform. The mobile payment service just rolled out a feature called “pools,” designed to simplify group payments for shared costs like dining out, vacations, or household expenses. Currently in limited release, the tool will become available to all users gradually over the next few months.
Creating a pool is straightforward, users navigate to the payment section, set a target amount, and invite others to chip in. What makes this feature stand out is its inclusivity. Contributors don’t need a Cash App account; they can participate through Apple Pay or Google Pay by clicking a shared link. Once the pool reaches its goal, the organizer can withdraw the funds directly to their Cash App balance.
This innovation addresses a key challenge for Cash App: expanding its user base. Recent financial reports showed weaker-than-expected engagement, with first-quarter profits missing targets. By allowing non-users to contribute, the company taps into a broader audience while competing head-to-head with rivals like Venmo and PayPal, which already offer similar money-pooling options.
The timing couldn’t be better, as digital payment platforms battle for dominance in an increasingly crowded market. With pools, Cash App not only enhances convenience for existing users but also removes barriers for newcomers, potentially driving much-needed growth.
(Source: TechCrunch)
