Square announced Cash App Pay today, a feature that allows consumers to pay participating Square merchants through the Square Cash App. Shoppers can use Cash App Pay both online and in-store by simply scanning a the merchant’s assigned QR code, so transactions are both fast and contactless.
“Square aspires to help sellers never miss a sale by continually offering businesses new, innovative ways to bring commerce to life,” said Alyssa Henry, Lead of Square’s Seller business. “Cash App Pay enables us to offer a simple and mobile-friendly way for businesses to reach customers across online and in-person, bringing accessibility and flexibility to every transaction. We look forward to deepening the integrations between Square’s Seller and Cash App ecosystems that will continue to offer enhanced experiences for businesses and customers alike.”
Cash App has been a leading P2P exchange, making it easy for parents to send money to their kids in college, or to split a restaurant check with friends. In a merchant environment, Cash App Pay will function much like ApplePay or other e-wallets, where the wallet is linked to a debit card or bank account. Square says Cash App Pay will continue to be free for consumers, although they have not said what fees, if any, will be paid by merchants to accept Cash App Pay from consumers.
Overview by Don Apgar, Director, Merchant Services Advisory Practice at Mercator Advisory Group
