The payments platform Square has launched its cash app, which will provide the details of their stimulus deposits along with directing such payments to the cash app accounts. Square has decided to launch its new cash app seeing the ongoing health emergency all across the world. The new cash app will provide easier and faster access to people to their funds. The current health emergency has made it difficult for the people to access to their traditional bank accounts as most of the people are following social distancing measures and confined at their homes. Most of the offices and companies are closed, or their staff is working from home, which has hindered the daily transactions in offices. This has worsened the ongoing situation, and people are facing difficulties in getting access to their cash in traditional banks.
Meanwhile, the cash app has started showing the procedure to the users regarding how the users can get their payment deposited in the banks. The cash app is displaying such information through pop-ups, and the users can collect their payment without waiting for any paper check in their mails. The spokesperson of the payment platform Square has said that the initiative has been taken by the company to make the deposit features more comfortable and convenient for the people. The users will get the account number and routing through the cash app directly to receive deposits. The cash app has launched to take care of the needs of several people who don’t have any bank account. The process of using the cash app is straightforward, as the users will need to set up an account number and routing by signing up for the cash card. Once the users get the cash, then they will need to submit their banking information to the IRS. The services launched by Square are not new as similar services are offered by the competitors of the company such as Venmo and Pay Pal. Both the payment platforms allow the users to set up direct channels of deposits by using their platforms with a bank account.
The users didn’t need to get the approval for using a Pay Pal Cash card or Venmo card as they need to apple for the Cash Card. According to the CEO of the Square, Jack Dorsey said that the company is striving hard to involve itself in delivering smooth stimulus payments. He asked the US government to let the company help them in smoothing the whole structure for the people. While promoting the instructions for the Cash App, he said that the users don’t need a bank account for getting their payments of the deposited cash. The launching of such a facility will surely speed up the process of accessing a bank account for the people. However, it is not that only the users will be benefitted as the payment platform will also get the benefits. The new Cash App will get the new users to the payment platform, further expanding its business to a significant level.
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