New Cash App Updates: You Should Know Them

Author: Artem Hihach

The Cash App is a mobile payment service that allows users to send, receive, and invest money using their smartphones. Cash App is a financial platform, not a bank. However, they provide a few banking services with their partner banks helping with the issuance of debit cards. You can download the Cash App software on Android or iOS devices.

Let’s review some Cash App features and what you should expect as a user. 

“Pay Me In Bitcoin” Feature

The ‘Pay in Bitcoin’ function allows Cash App users who have activated Cash Cards (Visa debit cards linked to the service) to have a percentage of their direct deposits instantly converted into bitcoin at no cost. Customers may choose to have their deposits converted to bitcoin in increments ranging from 1% to 100%, with the option to reconfigure at any moment. Two new features were also introduced – Users will be able to round up their cash card purchases to the nearest dollar in the near future, and automatically invest the extra change into cryptocurrency.

New Tax Rules

If you own a business and Cash App is among your payment processors, the new tax rule may affect you. The new IRS law requires financial platforms like Cash App to report goods and services payments that are equivalent or more than $600 to the IRS by filling out form 1099-K of the IRS. 

However, gifts, bill splitting, and other non-commercial payments are not affected by the new law

Multiple Recipient Addresses

The ability to add multiple recipients’ addresses is another feature that is recent in the Cash App dashboard. The update was introduced due to its request by numerous members of the Cash App community. 

To add multiple emails to your Cash App, follow the steps below: 

1. Open Cash App on your Phone
2. Tap the Profile icon on the top-right corner of the home screen.
3. Click on the Personal tab from the drop-down menu
4. Select the + next to the Email tab.
5. Enter the email address in the given field.
6. Cash App will send you an OTP to your email id to validate your account.
7. Follow the on-screen instructions to confirm your email address.
8. Now you are all set to receive your money from all types of your contacts.

Gifts of Cash and Stock

Cash App users can now receive stocks as gifts without using any third-party service. A stock gift is a sum of money sent via Cash App for the recipient to purchase securities. The gift will be delivered to the recipient in fiat, which can then decide on how to invest or spend it.

Conclusion

Cash App is constantly releasing updates to keep its users happy. In addition, Cash App is trying to fix the application’s bugs and make the interface more convenient for all users. You should constantly be aware of the latest updates to know how to adapt to them.