Cash App launches pools for group payments
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Cash App pools make it easy to manage payments and track shared goals in one place. Pools supports contributions directly through Cash App as well as via Apple Pay and Google Pay. Pools are currently available to a select group of Cash App customers, with broader availability planned in the coming months to reach all Cash App customers and their communities.
Organizing experiences and coordinating reimbursements as a group can be overwhelming, especially for the person tasked with planning the event. With pools, members can contribute within seconds so the group can focus on the experience and not on stressful payment logistics:
Proactive payment collection: Our market research shows that 60% of U.S. adults participate in some form of group money pooling, with Cash App playing a role in about half of those cases*. Today, one person has typically needed to volunteer to make the payment up front. Pools were designed for groups to easily plan, collect, and track contributions before the event occurs so that nobody has to front the entire cost.
Integrations with Apple Pay and Google Pay: If members of the group use different payment solutions, the organizer has historically needed to download multiple apps to collect the money from each person resulting in confusion, time wasted, and risk for all participants. Now, the organizer can create a shareable link for group members to contribute to a pool in seconds using Apple Pay or Google Pay.
Easy progress tracking: The organizer can name, set a goal amount, and invite members to join the pool and track the group's contributions, removing unnecessary logistics and guesswork.
End-to-end payment flows: Each pool seamlessly connects to the Cash App's suite of banking and peer-to-peer payment tools, so the organizer can instantly use that money toward the group's goal.
'Cash App has always made sending money between friends and family feel effortless, and we know that many of our customers already use the platform as a way to collect payments from groups,' said Cameron Worboys, Head of Product Design at Cash App. 'With pools, our customers now have a dedicated, easy-to-use solution for group payments: they can start a pool to collect the money in seconds, and then instantly transfer the funds to their Cash App balance when it's time to pay.'
Starting a pool in Cash App
Organizers can start a pool through the Cash App payment tab. From there, organizers can create and name a pool, set a target amount, and invite contributors. Members can be invited in-app via their $cashtag, or the organizer can text or share a link to request a contribution using Apple Pay or Google Pay. The organizer can close the pool at any time and then transfer the money to their Cash balance.
Money made simple and social
The launch of pools marks the start of an exciting new chapter for Cash App focused on making money management between groups even more social, accessible, and intuitive, in turn deepening engagement and growing Cash App's network of more than 57 million monthly actives. In the coming months, Cash App will introduce more features and services that make it easy for groups to share, save, and spend money through the platform.
'For younger customers in particular, managing money is often an inherently social experience that requires extensive discussion, planning, and collaboration between groups. Combining the scale of Cash App's network with our robust suite of banking and commerce tools, we're excited to introduce new solutions tailored to the next generation and their financial lives,' added Worboys.
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