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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Terra's Difficult Post-Collapse Path: VCs Backing Away, Regulators Jumping on Stablecoins

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
3
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
4
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown