Square created Cash app in 2013 to enter into the Peer to Peer (P2P) mobile payment system arena alongside PayPal, venmo, apple and samsung Pay. Unlike other online transaction and money transfer applications, it does more than just sending & receiving money.
You may be aware of receiving payment, stock investing and bitcom purchase but do you know how to make money on Cash app? I’ll discuss it in detail.
Table of Contents
What is Cash App?
Cash App is an online payment solution that makes sending and receiving money easier. According to the company website – it is “the easiest way to send, spend, bank and invest”. Cash app brings convenience of monetary transaction within a tap away using a smartphone.
Cash App has over 44 million monthly active users and 13 million have a cash app card. The company stated in a press release that Cash App has over 70 million annual transacting active customers. The billion dollar company generated $12.3 billion revenue in 2021 with a majority of profit coming from Bitcoin.
Features
Besides facilitating its user to pay for goods and services through an app, Cash app has several other features. The extended features and functionality sets it apart from other online payment services.
Send and Receive Money Instantly
The primary purpose of a P2P system is to enable sending and receiving money instantly. This means transaction at any time and anywhere. Through the Cash app, one can send money, set up a direct deposit, ACH payments and receive a paycheck all within the digital wallet.
Cash App Debit Card
Cash App uses Sutton bank and Lincoln Savings Bank to provide banking services to its customers. It offers a free visa debit card through Sutton bank to all its users. The debit card does not have any fees and you can design it to match your style. The debit card works with any ATM to withdraw cash. It is connected to your cash balance in Cash App account and can be used anywhere.
Cash App Investing
Cash App investing is one of the awesome features for investors looking to invest without having to move money. You can trade stocks and ETFs on the platform with no commission. It is good for beginners because you can start investing with as little as one dollar. You can buy fractional shares.
Cash app is also popular for cryptocurrency trading. You can buy, sell and transfer Bitcoins within the app.
How to I receive money on Cash app?
Transfer of funds in Cash App is very straightforward. A person sends money through the app using the recipient’s name, phone number or $Cashtag. You’ll receive an email or a text notification about the incoming fund.
You can also request payment to receive money on the Cash app.
Is the cash app legit and Safe?
Cash app is a legit smartphone application for cash transactions. It is PCI Data Security Standard (PCI-DSS) Level 1 compliant and uses advanced encryption and fraud detection technology to safeguard customers accounts.
Cash app offers fraud protection for unauthorized use. Users can also opt in for PIN security and two factor authentication for login.
With the popularity of the application, cash app hacks and scams are on the rise, therefore all users need to be vigilant. Cash app transactions are quick and non reversible. Therefore, you must verify all the information before any transaction.
It is not possible to hack into someone’s cash app account with just a username, email address or $Cashtag. However, hackers can get your username and password through a phishing email. Therefore, you should never authorize a transaction that you don’t recognize.
How to get free money on Cash App?
Cash app allow users to get free money in many different ways. The free Cash app money is what attracts new sign ups. If you want to make quick money on Cash app, I’ll discuss below 5 ways to get free money on Cash app instantly.
Signup bonus
You can receive a $5 sign up bonus on Cash App through an invitation. Sign up bonus is a complementary benefit you’ll enjoy for coming on board. You’ll receive $5 within 14 days. All you have to do is enter the invitation code from the invitee and make a minimum $5 transaction.
Referral (how many cash app referrals per day)
Cash app also offers a free $5 for every successful referral you bring into the platform. You need to have a Cash app account to get the referral amount. You can either generate an invitation code and circulate it through social media or friends or click on “invite Friends” within the app to send the invitation.
You’ll get a $5 credit when your referral downloads the app, comments to a bank or debit card and performs a $5 transaction. The referral bonus has no limitation therefore, you can potentially receive unlimited referral credits.
Cash card boosts
Cash card boost gives you an instant cash back for using cash cards with participating merchants. Technically, it is more of a saving than making money. But you are keeping the difference between how much pay and how much it actually costs.
The discount received through the cash card spending boost varies to different merchants. Major restaurants, grocery chains and coffee are its partnering Merchants. Cash boosts are unlimited but you must activate the cash boost before making a purchase.
Bitcoin Boost
Cash app Bitcoin boost helps you earn Bitcoin which can be converted to cash. You have to purchase Bitcoins using Bitcoin boost. The additional Bitcoins will be automatically added to your Bitcoin balance.
Final Thoughts
Cash app is a safe and legit peer to peer payment system you can use with your smartphone. It is a very convenient means of cash transaction without having to carry cash or card. Although the rewards are not high, the digital wallet helps you maximize your spending.
When there is so much monetary information stored in an app, you should keep personal information safe. The app is safe and encrypted but each user must also secure their emails, mobile device and cards.
