[1] Launched by Block, Inc. in 2013, it allows users to send, receive or save money, access a debit card, invest in stocks or bitcoin,[2] apply for personal loans,[3] and file taxes.

[8] Over time, it introduced additional features, including debit cards, savings accounts, bitcoin and stock investing, tax filing and personal loans, and was rebranded as Cash App.

This allowed individuals, organizations, and business owners to create a unique username to send and receive money, known as a $cashtag.

[18] In November 2020, Square announced it was acquiring Credit Karma Tax, a free do-it-yourself tax-filing service, for $50 million and would make it a part of its Cash App unit.

[19] In 2021, Block announced an extension of the Cash App service to people over 13 years old for depositing and spending money or sending it to friends.

Minors would not have access to investing or bitcoin features however, and they would still need their parent or guardians’ permission and significant oversight to use the app.

[10] In August 2023, Block announced a closure of Cash App's operations in the European Union under the "Verse" brand, citing a lack of growth and profitability in the market.

[27] In January 2025, Block agreed to pay, as part of a settlement, a fine of $80 million to a group of 48 state financial regulators after the agencies determined the company had insufficient policies for policing money laundering through Cash App.

As part of the settlement, the company also agreed to involve an independent consultant to review its Bank Secrecy Act and anti-money laundering program, and report back to the states on any deficiencies.

[6] The service allows users to send, receive, and store money within the United States, although international transfers were not initially supported.

[33] As of August 2024, Cash App offers a 4.5% annual percentage yield (APY) on savings, provided that the account is set up to receive a monthly direct deposit of at least $300.

Cash App is among a group of peer-to-peer payment platforms—such as Zelle, Venmo, Apple Pay and Google Pay—that do not provide features to recover money sent by users to others.

[47] In another instance, a scammer used the public video of a female Waffle House worker holding a baby in a kitchen to fabricate an emotional story.

[48] Millennials frequently utilize payment platforms like Cash App and Venmo to pay for illegal drugs or gamble.

[49] In June 2021, police in West Baltimore arrested seven people for using Cash App to sell cocaine and heroin to nearby neighborhoods.

[50] In 2018, Cash App surpassed Venmo in total downloads (33.5 million cumulative), becoming one of the most popular peer-to-peer payment platforms.

The popularity of the app in hip-hop is reflected in Square's partnerships with prominent rappers, such as Travis Scott, Megan Thee Stallion, and Cardi B.

Every Friday since 2017, Twitter users retweet posts from the official Cash App account with the #SuperCashAppFriday hashtag to potentially win $10,000 to $50,000.