Block, the fintech company led by Jack Dorsey, said it plans to turn Cash App from a crypto and payments platform into a broader digital bank. The company aims to deepen user engagement and improve retention by expanding the app’s product lineup to include stock, ETF and Bitcoin trading, along with short-term loans, high-yield savings and customized debit cards. Cash App currently has 9.4 million users who treat it as their primary banking service, up 17% from a year earlier. Even so, the platform is still dealing with stalled user growth and compliance pressure. Some users continue to use Cash App mainly for occasional transfers rather than everyday banking, investing and spending. The report was cited by Bloomberg.
Block, the fintech company led by Jack Dorsey, said it will push Cash App to evolve into a broader digital bank.
The company plans to use products including stock, ETF and Bitcoin trading, short-term loans, high-yield savings and customized debit cards to lift user activity and improve customer retention.
Cash App currently has 9.4 million users who use it as their primary banking service, up 17% year over year. Still, the platform faces stalled user growth and compliance pressure, and some users continue to rely on Cash App mainly for occasional transfers rather than daily banking, investing and spending services.
The information was cited by Bloomberg.
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