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Square's Cash App Now Lets Customers Get Bitcoin Back on Purchases

Previously, Cash App had only allowed clients to get U.S. currency back on transactions.

Dec 20, 2020 at 3:37 p.m. UTC
Updated Sep 14, 2021 at 10:46 a.m. UTC

Cash App, the cash-transferal app of payments giant Square, is now allowing customers to get bitcoin back on every transaction.

  • Previously, Cash App had only allowed clients to get U.S. currency back on transactions.
  • In November, in the company's Q3 earnings report Square said Cash App generated $1.63 billion of bitcoin revenue, up 11 times from the year-ago period.
  • The move is another sign of the growing mainstream acceptance of bitcoin and the increasing importance of the leading cryptocurrency to Cash App and to its parent.
  • It's also likely a move to stay a step ahead of rival PayPal, which recently dove head first into the cryptocurrency arena.
  • Cash App's upgrade is the latest in a continuing trend of bitcoin-back rewards product offerings, after cryptocurrency lending firm BlockFi announced its partnership with Visa to launch a bitcoin-back credit card in early 2021, per CoinDesk's prior reporting.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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