Banking

Square enables its merchants to accept Cash App payments

Square’s Cash App was originally designed as distinct from its point-of-sale offering, but has proven to be a useful bridge to other products such as cryptocurrency trading, incentive marketing and now contactless payments.

The payment company on Wednesday launched Cash App Pay, which allows consumers to pay with their Cash App account via a QR code at checkout or a button on their mobile device. The payment feature is an integration between Square’s seller and Cash App ecosystems, enabling merchants to reach Cash’s consumer users.

Cash App Pay is available as a software update, without requiring added hardware, and will support receipts and reconciliation within Square’s existing payment system. The payment product follows the recent release of Square Loyalty, which consumers use to track points and rewards at businesses from the Cash App.

“The option to checkout online or in-store with Cash App has been a frequent request among our customer base,” said Brian Grassadonia, lead of Square’s Cash App business, in a release, which reported Square Cash has more than 70 million active users. The new payment product will provide a way for Square to lean into the massive growth of contactless payments that has accompanied the pandemic.

The Cash App business, which supports Square’s bitcoin trading, now generates more than 80% of Square’s overall revenue. That revenue has allowed Square to develop products that serve both the merchant and consumer side of its business as Square tries to compete against PayPal, Apple and other big technology companies that are building “super apps,” or a stack of financial services that build off of a large base of consumers that actively use digital payments. At Square, this includes the development of bank accounts supported by the company’s industrial bank license.



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