Are you ready for the next Cash App update?

Author: Edeh Kelechi

Cash App, like every other peer-to-peer (P2P) service app, is constantly enhancing its features and services to make money transfers easier and safer. Recently, Cash App announced that they would be updating their applications. These updates would range from better privacy policies to Cash App for businesses and Cash App investing.

These are Some Of The Updates You Should Expect From Cash App

Investing 

Cash App is releasing an updated feature that will allow users to invest using the application. You may now purchase stocks using Cash App’s brokerage services. An official statement on Cash App official website reads: “By using any Cash App Investing services, you authorize and instruct us to follow any instructions provided to us by Cash App Investing on your behalf regarding the transmission or receipt of any funds in your Cash App Balance.”

Cash App aims to simplify the investing process by introducing this service to its users. To use the Cash App investing feature, follow these steps:

Step 1: Tap the Investing tab on your Cash App application home page

Step 2: Tap the search bar and type a company name or ticker symbol.

Step 3: Select the company whose stock you want to buy.

Step 4: Tab Buy.

Step 5: Select an amount or tap … to enter a custom amount.

Step 6: Follow the prompts to verify your personal information.

Stock Gifting

Cash App also includes a stock gifting option. With the Stock Gifting feature, you may give your recipient gifts in the form of stocks. However, the receiver will receive the present in Fiat Currency, which is government-issued currency. Examples of Fiat Currency include pound sterling, euro, and US dollars. 

Upon receival, the receiver can opt to buy shares with the gift you provided or take the present as cash. 

For the recipient to claim the stock gift, they must have a Cash App account and may only purchase stock with the gift after creating a Cash App brokerage account. Cash App will repay you if the receiver does not accept your gift within 90 days.

Authorized Users

Users can now add up to four (4) dependents to their Cash App accounts, and these dependents must be at least 13 years old. Minor dependents must be approved by their parents or guardians before accessing the account. Additionally, the primary user will be responsible for transactions made on the dependent’s account. According to Cash App’s terms and conditions, the primary account owner will be responsible for the activities on the dependent’s Cash App account. 

The maximum amount a dependent can send or receive per transaction is $1000, plus a 30-day restriction of $1000. Cash App also has Account Graduation for dependents, which will allow them to create their personal accounts. 

Conclusion

Cash App has expanded its features from a peer-to-peer (P2P) payment processing to in-app stock investment, stock gifting, and business services. Despite the competition in the P2P industry, Cash App continues to provide its users with features that makes transaction seemingly simple.