The growth of peer-to-peer payment apps in the country has been very sharp over the past few years. One of the reasons why this is so is the need to easily send and receive money. P2P apps such as Venmo, PayPal, and Cash App have made it ever so simple for people to send and receive money. In fact, the likes of Venmo and Cash App allow users to actually send and receive money using their mobile phones regardless of whether it’s an Android or an iOS device.
With so much interest in such apps, many have taken keen attention to whom or which company(s) owns them. This particular post focuses on Cash App, in particular how it works and the company that’s behind it.
Cash App is a peer-to-peer digital payment app owned by Square Inc. a leader in matters of finance and technology.
How Does Cash App Work?
Cash App is an app that allows users to send and receive money using their mobile devices. Not only is it free to use, create an account or download the app, but it is also very easy and makes the entire process of sending and receiving money hassle-free. To use the app, however, one has to be residing in either the UK or the US and over 18 years old. Furthermore, it is not possible to carry out a Cash App transaction with someone who doesn’t have a Cash App.
When creating an account, users are always given a unique identifier called a $Cashtag. This is the one they use when sending or receiving money using Cash App. The $Cashtag is actually why Cash App is an anonymous P2P platform. Instead of using a name, users can use a $Cashtag to identify themselves online. If a user wants to send money to another user, they’ll need their identifier to do so.
Topping up a Cash App account to send money to other users is very simple. Users can do so by using a debit card that’s already linked to an existing bank account. Once an account is loaded with money, users have the option of either sending it to someone, using the funds when making various purchases online or simply let it rest until the time it’ll be needed.
Is It Safe To Use Cash App?
Like other P2P platforms, Cash App does come with its own share of challenges or cons. For instance, Cash App users are always targeted by scammers. It is not new to find users complaining about how much money they’ve lost as a result of a Cash App scam.
If you are looking at saving money using Cash App, it is good to point out that Cash App is not FDIC insured. Simply put, if you were to lose money in your Cash App account you might never get it back given that it is not insured. Cash App is not obligated by law to issue a refund.
Who Owns Cash App?
Now to the reason why many opted to click on this particular post, who owns Cash App? Well, Cash App is a product of Square Inc. In other words, Square Inc. owns Cash App. For those who are wondering, Square Inc. is a tech-based company that focuses mainly on the financial technology industry.
While on the subject of Cash App and who owns it, it is only right that we also touch on Jack Dorsey, the CEO of Twitter, given the fact that many wonder whether or not he owns Cash App. Well, yes and no given that the company that owns Cash App is actually run by Jack Dorsey himself.