Cash App Introduces Group Payment Option Dubbed as Pools
Cash App, the digital payment platform owned by Block (formerly Square), has introduced a new feature called Pools. The tool aims to make group payments easier and more accessible, adapting to a more shared, communal economy [1].
According to Cameron Worboys, Head of Product Design at Cash App, Pools provides a dedicated, easy-to-use solution for group payments [1]. The new tool allows users to create a named group pool with a target amount and invite contributors via their Cash App $cashtag or through a shareable link that is compatible with Google Pay or Apple Pay [1].
This cross-platform approach simplifies the process of collecting money from various contributors for group purchases, such as a group vacation, without the usual hassles of coordinating payments across different platforms [2].
The organizer can set a goal amount, create a name for the pool, and invite members to join. Once the pool is closed, the collected funds are transferred directly to the organizer's Cash App balance for payment [2]. This removes friction in collecting money from various contributors and supports users who might lack traditional banking products, differentiating it from competitors like Venmo or Splitwise that require bank accounts or credit cards linked [2].
Cash App has diversified into a digital banking platform offering features like holding funds, depositing paychecks, spending, investing, managing Bitcoin, and filing taxes [3]. With the launch of Pools, Cash App is signifying a shift from simple money transfers to a more social, full-stack financial experience [4].
Cash App currently boasts over 57 million monthly active users in its network [5]. The company plans to introduce more group features and services in the coming months, making Pools more broadly available to all Cash App customers [6].
In summary, Pools make group money management more accessible and social by integrating multiple payment methods into a single, easy-to-use feature, thereby expanding Cash App’s utility among diverse users, including those who rely on different payment platforms and those underserved by traditional financial institutions [1][3].
[1] TechCrunch. (2021). Cash App's new group payment tool Pools lets you manage shared expenses. [online] Available at: https://techcrunch.com/2021/08/25/cashes-new-group-payment-tool-pools-lets-you-manage-shared-expenses/
[2] The Verge. (2021). Cash App's new Pools feature is a simple way to collect money from a group. [online] Available at: https://www.theverge.com/2021/8/25/22642465/cash-app-pools-group-payments-feature-launch
[3] CNBC. (2021). Cash App launches 'Pools' feature to help users manage group payments. [online] Available at: https://www.cnbc.com/2021/08/25/cash-app-launches-pools-feature-to-help-users-manage-group-payments.html
[4] The Information. (2021). Cash App's New Group Payment Feature Aims to Boost Social Interaction. [online] Available at: https://www.theinformation.com/articles/cash-apps-new-group-payment-feature-aims-to-boost-social-interaction
[5] Statista. (2021). Monthly active users (MAUs) of Cash App in the United States as of 4th quarter 2020. [online] Available at: https://www.statista.com/statistics/1112742/cash-app-monthly-active-users-in-us/
[6] TechCrunch. (2021). Cash App's new group payment tool Pools lets you manage shared expenses. [online] Available at: https://techcrunch.com/2021/08/25/cashes-new-group-payment-tool-pools-lets-you-manage-shared-expenses/
Digital banking platform Cash App has expanded its services with the introduction of Pools, a feature designed to facilitate group payments for personal-finance purposes. By integrating multiple payment methods and simplifying the process, Pools aims to cater to a diverse user base, including those who rely on different payment platforms and those underserved by traditional financial institutions.
