Cash App has introduced a Pools feature that allows organizers to create shared funds for various purposes like purchasing team uniforms or splitting expenses. This functionality aims to bridge the gap between different payment platforms by enabling users from diverse ecosystems to participate.

Flexibility in Pools Feature

The Pools feature is designed to be more flexible than existing options from other providers. While PayPal and Venmo offer similar pooling features, Cash App sets itself apart with its ability to invite non-Cash App users via Apple Pay or Google Pay links.

Enticing Non-Users

Unlike some fintechs that strive to become one-stop-shop super apps and retain user engagement within their platforms, Cash App is focusing on attracting new users. By involving non-users in Pools, the company hopes these individuals will be encouraged to become active Cash App users.

Rival Fintechs’ Developments

Meanwhile, rivals like PayPal have been expanding their offerings, integrating cryptocurrency payments and launching digital wallets for smaller merchants’ checkouts. Venmo has also seen significant growth and is attracting a younger demographic with its services.

Potential Integrations and Revitalization Efforts

Cash App’s parent company Block is exploring the integration of Afterpay’s buy now, pay later service into Cash App. This move aligns with Block’s strategy to rejuvenate Cash App following a period of revenue decline.

We envision Cash App as the financial operating system for the next generation, becoming the central app where customers can manage their entire financial lives,” said Owen Jennings, Head of Business at Cash App.