Cash App Begins Rollout of Group Payments Feature
Cash App has begun rolling out a new feature designed to facilitate group payments for things like vacations and wedding gifts.
[contact-form-7]Dubbed “Pools,” the new peer-to-peer payment feature allows users to create a pool, request contributions within the app or by sending a text or a link, track the contributions, close the pool at any time and transfer the balance to their Cash balance, Cash App said in a Tuesday (July 29) press release emailed to PYMNTS.
Contributors to the pool can pay directly through Cash App or by using Apple Pay or Google Pay, according to the release.
Cash App has made Pools available to a select group of customers and plans to extend it to all its customers in the coming months, per the release.
Cameron Worboys, head of product design at Cash App, said in the release that many customers already use the platform to collect payments from groups.
“With Pools, our customers now have a dedicated, easy-to-use solution for group payments: they can start a pool to collect the money in seconds, and then instantly transfer the funds to their Cash App balance when it’s time to pay,” Worboys said.
The PYMNTS Intelligence and Ingo Payments collaboration “Peer Pressure: Balancing Convenience With Compliance in P2P Payments” found that peer-to-peer payment apps have grown popular in recent years.
That is especially true among younger consumers who prefer a digital-first payment experience. At least half of millennial and Generation Z consumers say they use P2P payments for both in-store and online purchases.
Cash App parent company Block reported in May that the digital wallet has 57 million users.
In another recent development, Cash App said July 15 that it launched a Tap to Pay on iPhone feature that enables Cash App Business Sellers to accept contactless payments using an iPhone and the Cash App iOS app, with no additional hardware required.
Also on July 15, Cash App introduced Sponsor Approval for P2P payments, which enables parents and guardians to better monitor and manage how teens interact with their friends on the app. The feature also requires a parent’s or guardian’s approval when the app detects a teen engaging in potentially risky behavior on Cash App.
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