Cash App is a mobile payment service developed by Square, Inc. Square, Inc. is a financial technology (fintech) company that provides various payment and financial services. Cash App allows users to send and receive money, make purchases, invest in stocks and Bitcoin, and obtain a Cash Card (a Visa debit card linked to the Cash App account) for spending funds.
While Cash App itself is not a bank, it offers some banking-like features, such as direct deposit, a cash card, and the ability to store funds in a Cash App balance. Cash App users can also use the app to access banking services like buying and selling stocks and Bitcoin. However, Cash App does not offer traditional banking services like savings accounts or loans.
It's important to note that Cash App is primarily a peer-to-peer payment service and should not be considered a substitute for a full-service bank for all financial needs. Users should use caution, adhere to security practices, and be aware of the terms and fees associated with Cash App when using it for financial transactions.