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Cash App Enables Over A Million Sellers to Accept Contactless Payments Using Only an iPhone

1. Cash App launched Tap to Pay allowing contactless payments via iPhone. 2. Sellers using this feature saw a 35% increase in sales volume. 3. No additional hardware required; accessible to all Cash App Business sellers. 4. New feature aims to empower small businesses and expand financial access. 5. Data security ensured as Apple does not store card numbers on servers.

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FAQ

Why Bullish?

The launch is expected to significantly enhance transaction volume and engagement. Previous enhancements by Square have shown to lead to notable revenue growth in small merchant sales.

How important is it?

The feature is critical for small sellers, potentially increasing user adoption of Cash App. Historical trends suggest that features that improve user engagement directly correlate with stock performance.

Why Short Term?

Early adopters may see immediate benefits, contributing to rapid sales growth. Similar services historically see an uptick in user engagement shortly after launch.

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SQAAPL
-New Cash App Business feature within the iOS app allows sellers to accept contactless payments using only an iPhone - no additional hardware requiredSquare technology, Cash App reach – Tap to Pay on iPhone brings Block ecosystem together DISTRIBUTED-WORK-MODEL/SAN FRANCISCO--(BUSINESS WIRE)--Today, Cash App announced the launch of Tap to Pay on iPhone for Cash App Business sellers, allowing them to accept contactless payments – including credit and debit cards, Apple Pay, and other digital wallets – directly on their iPhone using the Cash App iOS app, with no additional hardware required. Cash App Business empowers small and casual sellers1 with simple, mobile-first tools to accept payments, track sales, and manage their business – all within Cash App. This new capability, powered by Square, is now available to millions of eligible Cash App Business sellers using their Cash App iOS app. It marks a major expansion in how Cash App sellers can accept payments from their customers – including from customers who don’t have Cash App. This launch represents a milestone in Cash App and Square's shared vision of economic empowerment, bridging the two ecosystems to expand financial access for small and informal sellers – especially those just starting out. “Tap to Pay on iPhone opens up sellers to businesses outside the Cash App community, to the growing share of customers who use contactless debit or credit card, or a mobile wallet,” said Owen Jennings, Head of Business at Block. “It’s a powerful way to ensure micro and nano sellers never miss a sale. We’re meeting them where they are – distributing Square’s industry leading tools to a new generation of smaller, next-gen sellers, natively within Cash App.” Tap to Pay on iPhone is the most requested feature from Cash App Business customers – and with good reason. In early beta testing, sellers using Tap to Pay on iPhone saw a 35% increase in inbound purchase volume from their customers compared to similar sellers who did not use the service, demonstrating the feature’s real potential to grow earnings for small merchants.2 As Tap to Pay on iPhone becomes a growing industry standard, Cash App is delivering this experience natively within its ecosystem. Sellers can now accept contactless payments including credit and debit cards, Apple Pay, and other digital wallets from customers outside of Cash App, without downloading additional apps or buying card readers. Using Tap to Pay on iPhone is easy, secure and private. With Tap to Pay on iPhone, at checkout, sellers will simply prompt the customer to hold their contactless payment near the seller’s iPhone, and the payment will be securely completed using NFC technology. Apple’s Tap to Pay on iPhone technology uses the built-in security and privacy features of iPhone to help protect your business and customer data. Apple doesn’t store card numbers on Apple servers, so sellers and customers can rest assured that their data stays theirs.* Tap to Pay on iPhone enables Cash App Business customers to use a contactless payment acceptance solution that is easy to set up and use. Sellers can unlock contactless payment acceptance within minutes through the Cash App iOS app on an iPhone XS or later, running the latest version of iOS. For more information on Cash App Business, please click here. *Encrypted card numbers are temporarily stored on iPhone only for transactions made in Store and Forward mode. About Cash App Cash App is the money app. Banking* on Cash App is easy: customers can receive paychecks early with direct deposit, spend money where Visa is accepted with a personalized Cash App Card, and grow their money with a separate savings balance - all without hidden fees. Customers can also create a unique $Cashtag to share with anyone to get paid fast, make purchases with Cash App Pay, trade stocks and buy and sell bitcoin, and pay over time with Cash App Afterpay. Download Cash App for free at cash.app/download. *Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Prepaid debit cards issued by Sutton Bank, Member FDIC. See cash.app for more details. More News From Block, Inc.

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