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February 16, 2024

Top Post

December 7, 2023

On the web

October 19, 2023

On the web

August 9, 2023

On the web

Marqeta Extends Block Partnership as Revenues Rise


"Global card issuer Marqeta has signed a four-year extension of its partnership with Block as its revenues increased by nearly a quarter year-over-year (YoY) for Q2 2023. The company will continue to power Block’s mobile money transfer app Cash App through to 2027, and has also added a new partnership branching into Brazil with banking-as-a-service platform Fitbank."

July 18, 2023

On the web

May 26, 2023

On the web

Block Wants to Attract Older, Wealthier Cash App Users But Risks Putting All Its Eggs In One Basket

Insider Intelligence

"Block is targeting an “older, higher net-worth audience,” according to CEO Jack Dorsey. The peer-to-peer (P2P) payment service is becoming more popular with the demographic, but only 18% of upper-income adults use Cash App, according to Pew Research Center. They want more options for how to use their money on the app, Dorsey said at a JPMorgan Chase investor conference, per Payments Dive."

March 30, 2023

On the web

Jack Dorsey's Block Rebuffs Cash App Fraud Allegations With Data Disclosure


"Block, the Jack Dorsey-owned parent company of Cash App, is contesting accusations of fraud and rampant fake accounts with a new data disclosure. In a Thursday memo to investors , the company claimed that 44 million of Cash App’s total 52 million active monthly accounts have been authenticated via its “Identity Verification (IDV) program.” Further, the company stated that about 39 million of those users represent “unique Social Security numbers as of December 2022.” Assuming that means that, minimum, 39 million users are real people with real U.S.-issued SSNs, then the newly released data runs counter to known short-seller Hindenberg’s claims from last week."

October 26, 2022

On the web

Cash App Integrates with Bitcoin Lightning Network for Limited Users First


“Cash App, a financial platform developed by Block Inc (NYSE: SQ), has announced that its payment infrastructure is now integrated with the Bitcoin Lightning network. As a result, Cash App users can now send and receive Bitcoin at a negligible fee, although on a limited basis. According to the announcement by Cash App, users can send or receive payment of up to $999 in Bitcoin every seven days using the Lightning Network. The Bitcoin Lightning Network is a layer 2 (L2) scaling solution that has existed for the past few years. Notably, the Lightning Network has around 87,000 payment channels and 4,570 BTC locked in. However, the adoption of the Bitcoin Lightning network has been slow compared to the sheer BTC daily traded volume. “To receive Bitcoin with the Lightning Network, the sender doesn’t need a Cash App account to pay your request, but they will need a Bitcoin wallet with Lightning-enabled. This feature is not available to customers in New York,” Cash App noted.”

October 17, 2022

On the web

Square Brings Its Specialized Retail and Appointments Software to Square Terminal For Flexible, Mobile Commerce


“As the holidays approach, Square is launching two of its powerful, vertical-specific software solutions, Square for Retail and Square Appointments, on Square Terminal to sellers around the globe. Retailers and beauty and personal care professionals can now offer customers flexible, on-the-go checkout experiences for additional convenience and time savings. With busy crowds expected during the upcoming shopping season, sellers can use tools like Square Terminal to provide an exceptional customer experience and for line-busting long queues. With Square for Retail and Square Appointments on Square Terminal, businesses can help supercharge sales by ringing up their customers almost anywhere. Whether it’s at the counter, on the sales floor, in the chair, curbside, or by opening another checkout counter to handle demand, sellers can meet customers wherever they are and whenever they’re ready.”

October 13, 2022

On the web

Jack Dorsey’s European Cash App Business Has Been Ordered To Fix Money Laundering Problems


“Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine, Forbes has learned.   Acquired by Block in 2021, Barcelona-based Verse is much the same as Cash App, the payments company under which it operates, providing a quick and easy way to transfer funds over a mobile device. While Cash App is only available in the U.S. and the U.K., Verse can be used across Europe and is Block’s play for more business on the continent. Such peer-to-peer payment apps have proven hugely popular with consumers, but increasingly, regulators in Europe are examining the risks that come with the technology, said Kathryn Westmore, a former PwC fraud investigator. In particular, there is “huge concern” around the verification of user identities as it pertains to fraud, she said. (Subscription Required)”

September 15, 2022

On the web

Adyen Selected As First Financial Technology Platform to Launch Cash App Pay


“Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, has partnered with Cash App (Block, Inc.) to offer Cash App Pay, a mobile payment method, to Adyen’s U.S. customers. Businesses working with Adyen will have access to Cash App Pay as an integrated payment method for their U.S. customers. The payment method will be available online shortly and in-store next year. By offering Cash App Pay, Adyen’s businesses will be providing customers with a convenient and simple way to pay using their Cash App balance or linked debit card. This Cash App software integration will also provide Adyen’s business customers access to Cash App’s 80 million annual actives, which make up a third of Millennial and Gen Z consumers in the U.S. This will provide their customers with access to a seamless, secure checkout experience that can feature high authorization rates and an improved shopping experience.”

September 2, 2022

On the web

Block’s Cash App Will Now Let Users Pay Online Beyond the Square Network


Block’s (formerly known as Square) Cash App is now letting users make payments on e-commerce sites outside the Square network. Until now, users could only make payments using Cash App Pay on Square terminals or online Square merchant partners.

The company has partnered with American Eagle, Aerie, Tommy Hilfiger, Finish Line and JD Sports for the launch with more merchants like Romwe, Savage x Fenty, SHEIN, thredUP and Wish coming to follow in the coming months.

Users can either explore discounts and promotions offered by these brands from the Cash App’s Discover tab or go to their website and select the Cash App Pay option at checkout. They can use Cash App credit or debit cards to pay for items they purchase.

August 26, 2022

On the web

Jack Dorsey’s Block Ends Afterpay Smartphone Tie-up With Australia’s Westpac


“Afterpay, the Australian payments firm bought by Jack Dorsey’s Block Inc, and Australia’s Westpac Banking Corp ended a partnership after the firm cancelled a smartphone app it was running with the bank, the companies said. Since Block’s $29 billion buyout earlier this year, buy-now-pay-later star Afterpay said it decided to integrate its products with its new owner’s “ecosystem” instead, which meant closing the personal finance app that was run by the No. 3 Australian bank. The decision pulls the pin on a high-profile tie-up less than two years since it began and closes off an avenue for Westpac to engage with younger customers who have opted for more smartphone-friendly, less regulated financial products like those offered by Afterpay.”

August 19, 2022

On the web

Block ‘Slow Walking’ Cash App Probe, Consumer Watchdog Says


“The Consumer Financial Protection Bureau asked a federal judge to force Block Inc. to fully comply with a pair of investigative demands related to its Cash App payments tool. The CFPB’s petition, filed Thursday, urged the US District Court for the Northern District of California to enforce a civil investigative demand. Block, the digital payments company led by CEO Jack Dorsey, has yet to provide all of the documents and data the CFPB requested in August 2020 and August 2021…(subscription required)”

July 14, 2022

On the web

Afterpay Partners with Sephora for Buy-Now-Pay-Later Services


“Afterpay, a wholly owned subsidiary of Block Inc., said Wednesday that it has partnered with beauty chain Sephora to offer buy-now-pay-later services that will allow customers to pay for purchases over four installments. The service, which is available across digital and store channels, is expected to head to Canada this year. Block stock has dropped more than 60% for the year to date.”

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