It is almost impossible to imagine a time when digital payments were not mainstream. There was indeed a time when we needed to carry a purse in search of change and with physical cash. In fact, some of us still do, if not for the proper position than simply to adopt old habits. Nevertheless, as we find ourselves in the golden age of digital wallets and cashless transactions, it is imperative to make an informed decision and move forward with a digital wallet that suits one’s needs and a reputation that one has Make you feel safe about your decision.
In this article, we will delve into the latest addition to the bevy of digital wallets, Cash App, and how it works.
What is Cash App?
In simple words, the Cash app is an app that allows its user to send and receive payments, much like any other digital wallet like PayPal and Venmo. The major aspects that differentiate it from other apps are that it comes with its own Visa debit card and trading and investment options. This app has been developed by Square. Inc. and intended to operate as a peer-to-peer payment service.
The premise of Cash App
We have classified the functionality of the Cash app into two priorities, primary and secondary. Primarily, the Cash app aims to make transactions and payments easier, whether it is related to paying friends and families, or for purposes such as tipping and donations. This functionality is the simplest and fastest after linking your bank account with the Pay and Receive button. Users are identified by their email address, phone number, or by the app $cashtag, a unique username for users of the app. So you can use the Pay / Receive button, input the user’s identifier, and send money instantly.
Secondary functions include banking and business related activities. Banking activities such as receiving your salary, tax return, and other funds will require your Cash Account routing number as well as your salary account number. For trading and purchasing bitcoins, all you need to do is ensure that you have the necessary funds in the Cash app to be able to trade.
Is the Cash App free to use?
Yes, Cash App is definitely free to use. You don’t have to pay any fees to use the app and sending and receiving cash payments from your bank account is also a free activity. There are, however, a few caveats in terms of withdrawal limit and credit card fees.
Cash App limits:
On the free account of the Cash app, there is a $250 withdrawal/spending limit per day, $1000 withdrawal limit every week and $1500 withdrawal limit every month. Besides this, if you choose to spend on your credit card, a 3% interest will be levied on the transaction.