Cash App Integrates Lightning Network
- Cash App integrates Lightning network.
- Cash App is a mobile payment service developed by a fintech company. It has generated $5.9 billion in revenue in 2020.
Cash App is a mobile payment service developed by a fintech company Square in 2013. The app is worth more than $40 billion to the parent organisation. Cash App operates on a freemium model for individuals who want to send or receive money. Cash App also charges businesses a 2.75% transaction fee if they want to accept the app as a form of payment.
As far as the app revenue is concerned, Cash App generated $5.9 billion in 2020, a 353% increase year on year, primarily from bitcoin trading.
In addition to that, fees are levied in a range of scenarios, including:
- Instant deposits– for those wishing to instantly deposit funds from the app to a linked debit card, Square charges a 1.5% fee with a minimum charge of 25 cents. Standard deposits which take 1-3 business days are free.
- ATM withdrawals– customers are charged a $2 fee for all ATM withdrawals if they do not have a direct deposit set up.
- Credit card payments– when a user makes a payment using a linked credit card, Square will charge a further 3% to the transaction.
- Bitcoin– to buy or sell bitcoin on Cash App, a service fee of up to 1.76% based on market activity will be charged. An additional fee is also applicable based on price volatility across the U.S. Bitcoin exchanges. This fee is typically in the range of 1-4%.
Cash App’s P2P transfer network is its “best acquisition channel,” CEO of Square Jack Dorsey said on the call because existing users bring in more consumers by sending and requesting funds.
Cash App has 36 million monthly active users and over 100 million downloads. Seven million users also have the Cash App debit card, letting users draw money from their Cash App balance. Cash App users have stored a total of $1.7 billion 76% of Cash App revenue comes from Bitcoin. It is currently working in the US and UK.