In this digital era where data is the key to everything and the cloud is no longer a mass of water drops only, technology is rapidly advancing and reaching new heights. From Cloud Computing to Artificial Intelligence and Machine Learning, technology has set its foot in many industries and use cases. Talking about the use case of money, one can easily send it to his/her friend or family and also receive it; but there are a lot of security check-ins and also confusing user interfaces that could throw the user in a frenzy. To solve this problem and to make financial transactions very lucid, there is an app called “Cash App” that aims to be, and I quote “The easiest way to send, spend, bank, and invest.”
Let’s see how to use Cash App, understand how all this works, and also explore some ways to get free bucks.
How to Use Cash App
Cash App is analogous to a bank account in the sense that it provides users with a debit card, termed as a “Cash Card,” that allows them to make purchases with the funds in their Cash App account. Users can also invest in stocks and purchase and sell bitcoin through the application.
Also read: Should I invest in Bitcoin or an Altcoin?
Here Is the Gist of How to Use Cash App:
- Download the app from Google Play Store for an Android device and App Store for an iPhone.
- Register for a Cash App account.
- Connect your bank account to Cash App.
- Add the required funds to Cash App.
How to create a Cash App account:
- Create a Cash App account, enter your phone number/email address.
- Enter the OTP sent by Cash App.
- Link your bank account to your Cash App account and enter your debit card details.
- Choose a $Cashtag—a one-of-a-kind username for sending and receiving money.
- Fill in your zip code.
- You’re all set!
How to Add Money:
- Click on the Bank icon in the lower-left corner to open the “Banking” tab.
- Click on the “Add Cash” button.
- Fill in the amount of money you’d like to add to Cash App.
- Click on the green Add button
How to Send or Receive Money:
- Press the $ button to go to the homepage of Cash App.
- Fill in the amount of money you’d like to send or receive.
- To find a $Cashtag, phone number, or email address, tap Request or Pay.
- You can also add a personalized note (This step is optional).
- Choose either “Request” or “Pay” to complete the process.
How to Withdraw Money From a Cash App Account:
- To open the Banking tab, tap your Cash App balance in the lower-left corner.
- Click on the “Cash Out” button.
- Enter the amount of money you wish to withdraw.
- Click on the “Cash Out” button.
How Does Cash App Work
Cash App is available for free on Google Play, Apple App Store, and other mobile app stores. Because the app is free at first, it encourages more people to sign up for an account and use its features. Cash App charges minor percentage fees and/or initial fixed costs to generate revenue if customers want extra services other than a normal money transfer.
The majority of Cash App’s revenue comes from customers withdrawing money from the app to their associated bank accounts. Cash App charges a 1.5 percent fee for instant withdrawal of funds or gives a waiting period of 3-5 business days for withdrawal free of any charge.
Withdrawing money from an ATM will cost $2 if a user does not have a direct deposit account with the app. Cash App also introduced users to the service of purchasing and selling bitcoin for a small fee depending on the current bitcoin market volatility through their platform. Businesses can accept Cash App as a form of payment and charge a 2.75 percent transaction fee.
Cash App, like banks, would lend money from users’ accounts to various institutions on occasion. They charge interest and generate revenue, which is also known as money creation. As part of fractional-reserve banking, Cash App is mandated to keep 10% of the customers’ accounts liquidity in the event of a bank run.
How to Get Free Money on Cash App
This is the most interesting part about using Cash App. There are actually legitimate ways to get free money from Cash App. Before we proceed, it is to duly note that nothing is free in this world. So, if anyone is giving you money in return for making a payment, it is likely a scam. Don’t fall for cheap tricks, scams, and frauds and only send or receive money to and from people you know.
Read more: How to be aware of scams and frauds
Now that we are done with the disclaimer, let’s see how we can earn free money from Cash App.
The app offers a $10 Cash App promotional reward. To qualify for the reward, there are a few steps you must do. First of all, download the app and then sign up. After you sign up for the Cash App service, you will receive a unique promo code that you may share with your friends and family. You get $5 for each sign-up, making it obvious that the more people that sign up, the more money you’ll get. You can share your promo code with other users on social media platforms, through text messages and emails, and on websites that allow you to share your referral link and discount code with their users. It is to be noted that you have 14 days to complete the procedure before it expires, else you lose your welcome bonus. Lastly, the 10$ promo is only for new users that register with a unique phone number. Existing users can earn by referring their promo code or referral link to their friends or family for a 5$ credit.
To conclude, Cash App is an extremely simple solution to send or receive money effortlessly. The only limitation right now is the availability of the platform restricted to the United States and the United Kingdom. As always, be cautious when you’re dealing with any financial transaction and always verify the identity of the person you are sending money to or receiving from.