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Tag: Cash App

  • Cash App debuts a new AI assistant that answers questions about your finances | TechCrunch

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    Cash App released a slate of new features as part of its fall update, including an AI chatbot that can answer questions about users’ finances, a new benefits program, and the ability to discover places that accept Bitcoin payments and make Bitcoin payments using USD.

    The company is launching an assistant called Moneybot that can answer questions about spending patterns and income, and provide insights for maintaining savings and setting aside money for investments.

    The chatbot will be available to select users at launch, with broader availability planned for the coming months. Users can ask questions like “Can you show me my monthly income, expenses, and spending patterns?” to get reports about their accounts. The bot also surfaces suggestions for actions like splitting a bill, checking a bitcoin balance, or requesting money from someone.

    Image Credits: Cash App

    “Consumers today are given a host of data around their financial transactions and account balances, but Moneybot takes it a step further by helping to turn those insights into action. No two financial journeys are the same, so we’ve built Moneybot to learn each customer’s habits and tailor its suggestions in real-time,” Cameron Worboys, head of product design at Cash App, said in a statement.

    Jack Dorsey-led Block, which owns Cash App and Square, has been creating new ways to promote Bitcoin payments. Last month, it released an integrated Bitcoin solution for merchants to easily receive the cryptocurrency into a wallet. Customers can now discover places that accept Bitcoin through a new map and use USD to pay in cryptocurrency without holding it. The company said it uses the Lightning Network, a layer-2 payment network built on top of Bitcoin, to facilitate transactions via QR codes.

    Image Credits: Cash App

    The company said that soon it will also allow some customers to send and receive stablecoins through the app.

    Block is also changing the benefits structure for Cash App customers. Previously, customers who had direct deposits of at least $300 per month qualified for benefits like a 3.5% yield. Now, the company is starting a new program called Cash App Green, where users who either spend $500 or more per month through the Cash App Card or Cash App Pay, or receive deposits or at least $300, qualify for benefits.

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    Image Credits: Cash App

    These benefits will include a higher borrowing limit — up to $400 for first-time borrowers and a limit increase of up to $300 for others; free overdraft coverage of up to $200 for Cash App Card transactions; free in-network ATM withdrawals; up to 3.5% annual percentage yield (APY) on savings balances; and five customized weekly offers at different stores.

    Block said that this new program will make up to 8 million accounts eligible for benefits under the Cash App Green program.

    The company is also offering a 3.5% APY for teen accounts without any balance limits. Other features in this release include expansion of the Cash App Borrow product to 48 states, and access to some Afterpay buy now pay later (BNPL) services and features within the Cash App without needing a separate login.

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    Ivan Mehta

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  • Atlanta Dream, Cash App partner with ForgiveCo to eliminate debt for Atlanta residents

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    Photo by Laura Nwogu/The Atlanta Voice

    July 28 marks the 62nd anniversary of Martin Luther King Jr.’s “I Have a Dream” speech, where an estimated 250,000 people gathered in Washington, D.C., to hear the civil rights activist call for civil and economic rights on the steps of the Lincoln Memorial. In honor of that iconic historical moment, The Atlanta Dream — named after the speech — hosted a girls’ basketball clinic at the C.T. Martin Recreation Center. 

    The clinic and day were made even more special with a community announcement aimed at providing financial freedom for Atlanta-area residents. Atlanta Dream president and COO Morgan Shaw Parker, King Center CEO Bernice King, and Cash App counsel lead Chrysty Esperanza announced that, in partnership with ForgiveCo, they are eliminating $10 million in debt in some of Atlanta’s low-income communities. Three thousand five hundred residents will receive debt relief of up to $80,000. 

    Atlanta Dream president and COO Morgan Shaw Parker (left) said about eliminating the debts: “It’s really special,” Parker said.  “It actually opens up opportunities for their dreams to flourish.” Photo by Laura Nwogu/The Atlanta Voice

    “It’s really special,” Parker said.  “It actually opens up opportunities for their dreams to flourish. So that could mean buying a car or thinking about college. It could mean a down payment on a house, which is game-changing.”

    The basketball court was a flurry of motion as over 100 young girls ran drills, enjoyed skill stations and leadership lessons, and played fun games with Atlanta Dream front office staff, players, and representatives from the King Center and Cash App executives. Some of the young girls participating in the clinic were from families that received debt relief.

    “This moment is really full circle, because the Atlanta Dream is primarily made up of Black female athletes. The WNBA is 90 percent African American athletes, and it is such a privilege for us to be able to lean into this community and make sure that we’re serving communities that really are places where young girls need to see their heroes; they need to see what they can be. And if they don’t see that, and they don’t feel like that, then they’re not going to be able to break through some of the barriers that exist in their lives,” Parker said. 

    “This really shows that women’s sports, in particular, are always a catalyst for social change and for community involvement.”

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    Laura Nwogu

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  • Cash App Offers: $5 Off Any Purchase, 50% Off at Gopuff

    Cash App Offers: $5 Off Any Purchase, 50% Off at Gopuff

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    Cash App Offers

    Cash App Offers

    The Cash app Debit Card has offer similar to Amex Offers and Chase Offers that can save you money at eligible merchants. You just load the offers to your card and then use it for purchases to automatically get the discounts.

    First time users can download the app and enter referral code NKPSXST to get a $5 bonus (must send $5 to get bonus).

    New Offers

    • $5 off any purchase, in person or online.
    • 50% off at Gopuff. Max discount $20.

    How to Load Offers

    If you already have a Cash Card, follow these steps to start saving today:

    1. Tap the available balance on your Cash App home screen (shows “Cash & BTC” if your account balance is $0)
    2. Press Boost
    3. Tap on a Boost
    4. Select Add Boost
    5. Start saving

    Guru’s Wrap-Up

    It has been a while since Cash app had any decent offers. These new offers might be targeted, so take a look at your app and see if you have them. Just make sure to load them first and then just use the card at eligible merchants.

    If you don’t have an account, you can download the app and enter referral code NKPSXST to get a $5 bonus. You need to order the free debit card in order to take advantage of these offers.

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    DDG

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  • [Targeted] Cash App: Get Up To $300 Bonus When You Make Direct Deposit – Doctor Of Credit

    [Targeted] Cash App: Get Up To $300 Bonus When You Make Direct Deposit – Doctor Of Credit

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    The Offer

    Sent out via e-mail, also shows up in app

    • Cash app is offering a $300 bonus when you receive a direct deposit of $300+ in September & October

    Our Verdict

    Great deal if targeted, you can see what worked as a direct deposit before here. No guarantees that will work here though.

     

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    William Charles

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  • Block gives Afterpay integration update|Bank Automation News

    Block gives Afterpay integration update|Bank Automation News

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    Block’s Cash App profit and number of users grew in the first quarter as the payments provider integrated buy now, pay later provider Afterpay.   Block, formerly Square, acquired Afterpay in August 2021 for $29 billion but it has had issues integrating the solution with its Cash App Card debit card, Chief Executive Jack Dorsey said […]

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    Vaidik Trivedi

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  • Block reportedly greenlit transactions involving terrorist groups and sanctioned nations

    Block reportedly greenlit transactions involving terrorist groups and sanctioned nations

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    Block appears to be squarely in the government’s sights. Prosecutors from the Southern District of New York are reportedly probing extensive compliance lapses at the parent company of Square and Cash App. NBC News says a former Block employee has handed over documents to federal authorities, painting a picture of how the company failed to gather required risk-assessment information from customers and subsequently processed illegal transactions.

    The documents allegedly show that Block greenlit multiple crypto transactions involving known terrorist organizations. Furthermore, Square reportedly processed thousands of transfers involving nations under economic sanctions. “From the ground up, everything in the compliance section was flawed,” the whistleblower allegedly told NBC News. “It is led by people who should not be in charge of a regulated compliance program.”

    Most transactions allegedly involved credit cards, dollar transfers or Bitcoin and weren’t reported to the government as mandated by law. In addition, Block reportedly refused to “correct company processes” when notified of the breaches.

    The investigation follows a separate report from NBC News in February highlighting two different whistleblowers who flagged the same issues at Block. They cited “questionable Cash App transactions with entities under sanction by the Treasury Department’s Office of Foreign Assets Control, operations known to sell personal information and credit card data for illegal purposes, and offshore gambling sites barred to U.S. citizens.”

    The practice allegedly spanned multiple years. NBC News says it reviewed around 100 pages of documents from the whistleblower involving people or organizations in countries under US sanctions, including Russia, Iran, Venezuela and Cuba. Some of them were reportedly from as recent as 2023.

    Graphic from finance company Block showing Jack Dorsey's face on a cube.

    Block

    The whistleblower claims Block’s management was aware of the alleged offenses. “It’s my understanding from the documents that compliance lapses were known to Block leadership and the board in recent years,” Edward Siedle, a former SEC attorney representing the whistleblower, told NBC News.

    The whistleblower says that, besides senior management, Block’s board was told about the compliance issues. Coincidentally or not, several board members made unexpected exits recently, including former US treasury secretary Lawrence Summers, who resigned in February, and Sharon Rothstein, who had been on the board since 2022. Block told NBC News that they were leaving to devote more time to other activities and that their exits weren’t “a result of any disagreements with the company on any matter relating to the company’s operations, policies or practices.”

    Federal authorities have taken a greater interest in modern financial platforms in recent years after at least some of them had become something of a Wild West. Of course, FTX’s fraudulent practices and subsequent collapse led to a seismic decline in the cryptocurrency industry. Although it isn’t clear if the feds have gotten involved, Elon Musk’s X (the husk of what was once Dorsey’s Twitter) reportedly violated US sanctions by accepting blue-check subscription payments from terrorist organizations.

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    Will Shanklin

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  • Future and Metro Boomin’s ‘We Trust You Tour’ will stop at State Farm Arena

    Future and Metro Boomin’s ‘We Trust You Tour’ will stop at State Farm Arena

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    Three-time GRAMMY® Award-winning artist Future and GRAMMY®-nominated record producer Metro Boomin announced the We Trust You Tour, presented by Cash App and Visa on Tuesday. It includes a stop at State Farm Arena in Atlanta on August 8. They will also stop in Brooklyn, Houston, Toronto, Las Vegas, Inglewood, Seattle and more before wrapping up on Monday, September 9 in Vancouver, BC. Additionally, the 27-date tour also features a festival performance at Lollapalooza in Chicago, IL on Saturday, August 3.

    The tour supports Future and Metro Boomin’s most recent collaborations, WE DON’T TRUST YOU which was released March 22, 2024 and WE STILL DON’T TRUST YOU released this past Friday, April 12, 2024 via Freebandz, Epic Records, Boominati Worldwide and Republic Records. WE DON’T TRUST YOU debuted at No. 1 on the Billboard 200 following release and the track ‘Like That’ with Kendrick Lamar leads Billboard’s Hot 100 for the third week in row.

    Future has collected 3 GRAMMY® Awards, dozens of multi platinum certifications and reached rarified air as one of only a handful of rappers to achieve Diamond status for 2020’s “Life Is Good” [feat. Drake], affirming him as one of the best-selling acts of all-time. In 2019, he garnered his first GRAMMY® Award in the category of “Best Rap Performance” for “King’s Dead” alongside Jay Rock, Kendrick Lamar, and James Blake. Kanye West sought him out as Executive Producer on the headline-making Donda 2 in addition to appearing on two tracks. 

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    Itoro N. Umontuen

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  • Cash App, Square users report payment issues amid service outage

    Cash App, Square users report payment issues amid service outage

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    The payment services Cash App and Square are experiencing outages that may affect peer-to-peer payments, cash card purchases and other transactions.

    The disruptions, which began Thursday, are affecting “multiple Square services,” Square said in a status update Thursday. The outages may cause “slight delays” of money transfers, it added. Square and Cash App are owned by the same parent company, Block. 

    “We are currently experiencing issues with multiple Square services,” Square said on X (previously known as Twitter) Thursday. “We understand how important it is for your business that our services be up and running, and we are actively working toward a fix.”

    As of Friday morning, there were nearly 1,500 reports of user issues with Square’s app, website and processing payments, down from more than 18,000 reports on Thursday night, DownDetector data showed. There were another nearly 1,700 reports of fund transfer and other payment issues for Cash App as of the same time on Friday, according to DownDetector. 

    It’s not clear how many customers remain affected by the outage, nor how widespread the problems are. Cash App and Square didn’t immediately respond to requests for comment. 

    Square said it is working on resolving the issues, noting that some services are “steadily regaining their functionality.”

    “We are continuing to monitor the situation and the fix implemented by our engineering teams,” the company said in a Friday update. 

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  • Money stored on apps like PayPal and Venmo could be at risk, feds warn

    Money stored on apps like PayPal and Venmo could be at risk, feds warn

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    Government regulators said Thursday that people who keep cash with payment tools like Cash App, PayPal and Venmo are at risk of losing their money in a crisis because the funds are not protected by federal deposit insurance. 

    The warning follows the recent failure of Silicon Valley Bank, Signature Bank and First Republic Bank, which collapsed after panicked depositors withdrew their funds. 

    The Federal Deposit Insurance Corporation and National Credit Union Administration insure up to $250,000 in a bank account, but funds stored with a nonbank payment app may not be held at a lender that offers such protection, the Consumer Financial Protection Bureau (CFPB) said in an advisory.

    The upshot: If a payment service suddenly folds, any consumer funds stored on the app could vaporize.

    “Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that funds are safe,” CFPB Director Rohit Chopra said in a statement. 

    The financial watchdog advised consumers to transfer any funds stored on a payment app to an insured bank or credit union. 

    Some payment apps claim to offer what is known as “pass-through insurance” on customer funds through an arrangement with a bank or credit union. Yet while that coverage offers protection if a lender fails, it doesn’t insure the customer if the app fails, the agency said.

    PayPal, which owns Venmo, and Square, owner of Cash App, did not immediately respond to requests for comment.

    Millions of Americans have adopted payment apps as a convenient way to buy goods and services, make payments, and transfer and store funds. Roughly 85% of consumers aged 18 to 29 have used the apps, while last year consumers conducted $893 billion worth of business using the services, according to the CFPB. Venmo has more than 90 million customers and recently announced it was going to allow parents to create accounts for their teenage children. 

    “When users of these digital apps receive payments, the funds are not usually swept automatically to the recipient’s linked bank or credit union account,” the agency said. “Instead, companies hold and invest the funds. These activities are not typically subjected to the same oversight that an insured bank or credit union faces.”

    The Associated Press contributed to this report.

    Alain Sherter

    Alain Sherter covers business and economic affairs for CBSNews.com.

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  • Suspect pleads not guilty in murder of Cash App founder Bob Lee

    Suspect pleads not guilty in murder of Cash App founder Bob Lee

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    Suspect pleads not guilty in murder of Cash App founder Bob Lee – CBS News


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    Nima Momeni, the tech executive charged in the stabbing death of Cash App founder Bob Lee last month, appeared in a San Francisco courtroom Thursday, where he pleaded not guilty to murder charges.

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  • Tech consultant pleads not guilty in stabbing murder of Cash App founder Bob Lee

    Tech consultant pleads not guilty in stabbing murder of Cash App founder Bob Lee

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    Nima Momeni pleads not guilty in slaying of Cash App founder Bob Lee


    Nima Momeni pleads not guilty in slaying of Cash App founder Bob Lee

    01:20

    Nima Momeni, the tech consultant and executive accused of stabbing Cash App founder Bob Lee to death, pleaded not guilty in a San Francisco courtroom Thursday. 

    Momeni did not speak, CBS Bay Area reported. Instead, his attorney, Paula Canny, entered the plea on his behalf as Lee’s mother, sister, and other family members looked on. Superior Court Judge Victor Hwang granted a motion to keep Momeni in custody without bail while the case develops, saying that while he did not believe Momeni was a flight risk, he remained a threat to the community, CBS Bay Area reported. 

    Bob Lee, who was killed last month in San Francisco, died from multiple stab wounds, the city’s medical examiner determined. 

    Nima Momeni arrives in court at the Hall of Justice on May 18, 2023 in San Francisco, California.
    Nima Momeni arrives in court at the Hall of Justice on May 18, 2023 in San Francisco, California.

    Getty Images


    Lee suffered three stab wounds, two to the left side of his chest and one to his right hip, the report obtained by CBS News said. One of the stab wounds went into part of his lung and the right ventricle, according to the report.

    Momeni, 38, was arrested and charged with Lee’s murder about a week and a half after the April 4 stabbing.  

    Momeni allegedly stabbed Lee after an argument about Momeni’s sister, according to court documents obtained by CBS News last month. Prosecutors wrote in the motion that Momeni had a “direct and clear intent to kill” Lee, and it “was a planned and deliberate attack.”

    — Cara Tabachnick, Jordan Freiman, and Kerry Breen contributed reporting  

    S. Dev

    S. Dev is a news editor for CBSNews.com.

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  • San Francisco Police Make Arrest In Killing Of Cash App Founder

    San Francisco Police Make Arrest In Killing Of Cash App Founder

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    An arrest has been made in connection with the killing of Cash App founder Bob Lee.

    San Francisco police apprehended a man Emeryville, California, early Thursday, Mission Local reported. Initial reports claim the suspect personally knew Lee.

    Lee’s ex-wife Krista Lee confirmed an arrest was made in an interview with KTVU Fox 2 early Thursday. “This is the first step toward justice,” she said.

    This is a developing story.

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  • Remembering Cash App Founder Bob Lee: ‘He Was The Best of Us’ | Entrepreneur

    Remembering Cash App Founder Bob Lee: ‘He Was The Best of Us’ | Entrepreneur

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    Cash App founder Bob Lee, 43, died on Tuesday after an early morning fatal stabbing in San Francisco’s Rincon Hill neighborhood. Lee had previously relocated to Miami and was in San Francisco for a visit.

    Lee was born in Missouri and worked as an engineer before moving to San Francisco in 2004 to work for Google. After five years at the tech behemoth, where he worked on the Android core library, Lee was hired by Square to develop its app. He later became the company’s first chief technology officer, a position he held until his departure in 2014.

    In 2013, Lee developed the now widely used payment service, Cash App.

    Lee’s interests also transcended beyond business. In the wake of Covid-19, he helped the World Health Organization develop its app amid the global pandemic.

    In November 2021, he joined MobileCoin, a peer-to-peer cryptocurrency platform, as the chief product officer.

    Lee was affectionately known by many as “Crazy Bob” — a nickname he earned from his water polo days — because of his ambition and energy.

    Friends, family, and tech contemporaries have been remembering their friend and colleague online.

    “He was made for the world that is being born right now,” MobileCoin CEO Josh Goldbard wrote on the company’s website. “Bob was a child of dreams, and whatever he imagined, no matter how crazy, he made real. Bob was made for the new world.”

    Block Inc. co-founder Jim McKelvey told Bloomberg that he recruited Lee to work at Square.

    “Jack [Dorsey], who is not prone to hyperbole, said Bob Lee was the best Java programmer in the world,” McKelvey told the outlet.

    Venture capitalist Wesley Chan extended his condolences in a LinkedIn post remembering Lee as a good friend, talented engineer, and “brilliant investor.”

    “Bob’s energy was electric – his nickname was Crazy Bob (in a very good way) and every time he’d visit me when we were in SF together…I’d leave feeling energized and inspired,” he wrote. “Bob, you’ll be missed by so many. I learned a lot from you, and I’m not sure what to say other than what happened is just so crazy, in a terrible and tragic way.”

    Figma CEO Dylan Field remembered meeting Lee when he was a teen and “geeked out about programming.”

    Elon Musk Tweeted that he was “very sorry” to hear of Lee’s passing.

    On Facebook, Lee’s father, Rick, wrote: “Bob would give you the shirt off his back.” He noted that he moved with Lee to Mill Valley, California in 2019 and then to Miami in 2022.

    “I’m so happy that we were able to become so close these last years,” he wrote. Lee’s brother, Tim, also shared his grief, writing on Facebook that Lee was “the best of us” and that he feels as though he’s lost “part of [himself].”

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    Madeline Garfinkle

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  • UConn Star Paige Bueckers Announces Deal With Cash App, Her Third Major NIL Partnership

    UConn Star Paige Bueckers Announces Deal With Cash App, Her Third Major NIL Partnership

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    University of Connecticut basketball star Paige Beuckers announced a new partnership Monday that’s sure to add to her buckets of cash off the court.

    The reigning Naismith College Player of the Year is partnering with Cash App, the mobile payment service owned by Jack Dorsey’s Block (formerly Square), to help launch the Paige Bueckers Foundation. Although specific details have yet to be released, the foundation will broadly focus on creating opportunities for children and families and promoting social justice. Cash App plans to endow an initial $100,000 Bitcoin donation, in addition to $100,000 in cash that will be given away to fans in $15 payments to promote the announcement. Other financial terms were not disclosed, but Forbes estimates that Bueckers is still a few deals away from hitting the $1 million mark in endorsements.

    “I know this deal isn’t like a super long-term contract,” Bueckers tells Forbes. “But I’m working with people and want to work with people who have the same values as me.”

    This marks Bueckers’ third major partnership since the NCAA stripped down its regulations in July, allowing college athletes to profit off their name, image and likeness. She signed with global e-commerce platform StockX in October and, one month later, became the first college athlete to join Gatorade’s ranks. In July, Bueckers trademarked the phrase “Paige Buckets,” which is the point guard’s nickname. 

    How Bueckers fares in the nascent NIL market could offer a glimpse of the opportunities emerging for the top tier of college athletes. Based on her sprawling social media presence—Bueckers has more than one million followers between Twitter and Instagram—a study from research outlet AthleticDirectorU named her the most marketable athlete in college sports prior to the NCAA’s rule change.

    “She is the best of the best, and these major brands want to leverage her appeal, particularly to a young and growing demographic,” Carnegie Mellon Tepper School of Business associate professor Tim Derdenger wrote in an email. “Her success will certainly spill over to other players.”

    It already has. Last month, Gonzaga forward Chet Holmgren signed a deal with Topps that the company said was its largest with a college athlete to date. Fresno State basketball players and TikTok stars Haley and Hanna Cavinder recently cofounded a streetwear clothing company in addition to striking partnerships with Boost Mobile, Champs, Eastbay and WWE. 

    The addition of Bueckers rounds out an impressive roster for Cash App, which has signed up a handful of high-profile athletes in the last few months. In November, Los Angeles Rams wide receiver Odell Beckham Jr. and Green Bay Packers quarterback Aaron Rodgers announced they were partnering with Cash App and taking part of their salaries in Bitcoin. Golden State Warriors stars Klay Thompson and Andre Iguodala said they would be doing the same in January. As cryptocurrency becomes a hot topic among athlete investors, at least ten North American-based professional athletes have taken part of their salaries or endorsement payments in some form of crypto.

    “Obviously, I’m still learning a lot about it and trying to understand,” Bueckers says. “I just started understanding what to do with my tax money, so now I have to learn what to do with Bitcoin and cryptocurrency.”

    A native of Hopkins, Minnesota, Bueckers arrived at UConn in 2020 as the top-ranked recruit in the United States and the 2019-20 Gatorade Female Athlete of the Year. She collected a string of awards during her freshman season and led the heavily favored Huskies to the Final Four, where they were upset by the University of Arizona. Bueckers picked up where she left off during her sophomore campaign before suffering a fracture in her left knee, which has sidelined her for the last two months. She hopes to return at the end of February.

    As she adds to her sponsorship portfolio, Bueckers plans to continue to use her platform to advocate for racial equity. At the 2021 ESPYs, where she won the award for best college athlete in women’s sports, Bueckers used her speech to honor and celebrate Black women. She’s adamant about including BIPOC creatives in anything she does. “I grew up with everything, a roof over my head and food on my plate,” she says. “I want to help younger kids that weren’t as fortunate as me.”

    This is likely just the start.

    “The current set of offers is just the tip of the iceberg,” Derdenger says. “She has a lucrative future ahead of her.”

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    Maria Abreu, Forbes Staff

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