Cash App allows US customers to save, spend, invest in equities, buy bitcoin and file tax returns. It is also incorporating Afterpay’s buy now, pay later service and shopping directories to create a retailing ecosystem. Afterpay “can help plant the flag first, after which Cash App can follow,” Ms Ahuja added.
Block said the accusations would not deter it from launching Cash App in Australia, where it will take on major bank apps by offering a broader range of financial services, including buy now, pay later through Afterpay, which Block acquired in 2021. https://www.afr.com/companies/financial-services/block-s-under-fire-cash-app-will-still-come-to-australia-20230327-p5cvm9 Cash App was built “to support customers who may want to maintain multiple accounts” it said, arguing its reported 51 million monthly transacting actives “is more conservative than potential alternative measurements”. About 44 million of the 51 million users had been “identity verified”, representing 97 per cent of Cash App inflows. The company added that many of the remaining accounts would eventually go through the identity process, which then triggers the know your customer (or KYC) controls.
