Udemezue John
Introduction.
FinTech refers to ‘Financial Technology’ meaning it is an innovative approach to transforming financial institutions using digital technology solutions.
Remember the time when it took a week or even longer to open a personal bank account? Well, it is now long gone. With FinTech solutions, users can easily submit their applications to open an account subscribing to any Fintech provider of their choice.
With FinTech solutions, Banks, Stock exchanges, Hedge funds & all the other financial institutions can be disrupted within the shortest time possible.
There are thousands of Fintech apps all over the world, one of which will be a major topic in this article is Cash App.
What is Cash App?
Cash App is a mobile Fintech app that allows You can send and receive funds directly and quickly like you could with other Fintech apps such as PayPal or Venmo.
Apart from transferring money, Cash App will provide you with a bank account and a debit card, which you can use at any ATM.
You can even invest in stocks and Bitcoin through the app. Some of these services are free, while others require a fee. Also, the downside is that Cash App is limited to US and UK users only.
Why do I need a Cash App account?
The growth of fintech or financial technology has a profound effect on many finance startups and enterprise-level businesses.
The growth of cashless payment systems and other advanced technologies like machine learning, blockchain, automation, bank lending, and consumer lending has digitally transformed many businesses while also deepening financial inclusion across the nation.
1. Cash App is free to use.
One benefit you get when using Cash App is the fact that it comes with no additional cost.
Cash App doesn’t charge monthly fees, fees to send or receive money, inactivity fees or foreign transaction fees.
2. Cash App comes with a free debit card.
With Cash App, you get access to a “Cash Card” issued by Sutton Bank which is unique to a user’s Cash App account.
This card isn’t connected to a personal bank account or another debit card. The “Cash Card” allows users to make transactions and withdraw the money that they have in their Cash App account.
3. Cash App also helps you save money.
Cash App comes built-in with a feature called “Cash Boost” that allows you to save money when using a debit card.
Users who have the Cash Card can choose a specific “boost” on their account that allows them to save money on a purchase with a particular vendor.
Only one boost is allowed to be active at a time, but you can swap boosts as often as you want.
4. Cash App allows you to earn money for Referrals.
Cash app allows you to make money by referring people to its service. If you send a referral code to your friends and they sign up for Cash App using your link, then you receive a $5 cash bonus per friend who signs up.
5. Cash App allows you to invest.
Not only does Cash App allow you to send and receive money, but It also allows users to buy stock in specific companies with as little or as much money as they want to invest.
Stocks can be purchased with the funds in your Cash App account; if you don’t have enough funds in the app, then the remaining amount will be taken from your linked bank account.
6. Cash App Supports Cryptocurrencies.
Are you a cryptocurrency enthusiast, Cash app comes built-in with a feature that allows anyone to buy any cryptocurrency of their choice.
Users of Cash App can buy and sell bitcoin, but Cash App will charge two kinds of fees: a service fee for each transaction and, depending on market activity, an additional fee determined by price volatility across U.S. exchanges.
How do I Make Money Online With the Cash app?
Fintech improves the quality of traditional financial institutions by increasing efficiency and productivity.
Furthermore, by delivering better and more contemporary services, firms’ client retention rates are certain to rise, resulting in increased revenues. Do you want to make money online with Cash App? Here is how it can be done.
1. Refer Cash App to New Users.
Cash App comes built-in with a referral program that allows you to make money referring other people to its platform. When you refer a new user to Cash App, you will earn a $5 bonus if they use your invite link.
The invitation bonus is a great way to make some extra cash. It’s also a great way to get your friends and family to start using Cash App.
I wrote a comprehensive guide on how to become a successful affiliate. Check out the link to the article to learn more.
2. Join Cash App Giveaways.
Another way to make money online with Cash App is to stay tuned and join its giveaway happening each Friday. Cash App runs giveaways or sweepstakes through its Twitter and Instagram accounts.
Recent giveaways range from $25 discounts to Bitcoin deposits worth more than $40,000! Be sure to follow them via social media and enter if you’re eligible for your chance to win.
3. Invest through Cash App.
The cash app comes built-in with a feature that allows you to invest in your favourite company by acquiring your preferred stock.
You can start investing in fractional shares of stock for as little as $1 without paying any commissions through Cash App Investing.
If the stock does well, you can make money. However, investing comes with risks, and you could lose money instead, so only invest what you can afford to lose.
I wrote a comprehensive guide on how to get started with stocks as a beginner. Check out the link to the article to learn more.
4. Invest in cryptocurrencies.
Are you a cryptocurrency enthusiast, Cash App allows you to buy the favourite crypto asset of your choice.
There may be a small fee for buying and selling Bitcoin, but Cash App will list the fee before you complete your transaction.
Sending and receiving Bitcoin is free on Cash App. Like stocks, the value of Bitcoin is constantly changing.
I wrote a comprehensive guide on how to get started with cryptocurrencies. Check out the link to the article to learn more.
Conclusion.
Just as I round up this article, here are a few things to consider about Cash App.
1. Your funds aren’t FDIC-insured.
FDIC insurance means that if your bank were to suddenly go under, your funds would be federally insured, usually up to $250,000.
Even though the Cash Card is issued by FDIC-insured Sutton Bank, customers’ funds in Cash App are never transferred or held with Sutton Bank and therefore don’t receive FDIC insurance.
2. There is a fee to use a credit card.
Cash App charges 3% of the transaction to send money via a linked credit card. This is a fairly standard fee compared with other money transfer apps; Venmo.
3. There are spending limits on the Cash Card.
Cash App comes with a maximum limit that can be spent on your Cash Card is $7,000 per transaction and day and $10,000 per week. The maximum that can be spent per month is $25,000.
4. There are withdrawal limits on the Cash Card.
Cash app also comes with a maximum amount that can be withdrawn at an ATM or store register cash-back transactions is $1,000 per transaction, $1,000 per day, and $1,000 per week. This may likely change depending on how the company decide to structure their policies.
GIPHY App Key not set. Please check settings