Cash App to Expand Into Digital Banking With Stocks, ETFs and Custom Debit Cards
Block plans to transform Cash App into a digital bank, adding products including stock and Bitcoin trading, ETFs, short-term loans, high-yield savings and custom debit cards to increase user activity and retention. According to Odaily, 9.4 million people use Cash App as their primary banking service, up 17% year over year. The company faces stagnant user growth and regulatory pressure, while some customers continue to use the app mainly for occasional transfers rather than everyday banking, investing and spending.