FinTech News
Cash App Introduces Pools Feature for Group Payments, Savings
Cash App has launched a new feature that makes it even easier for friends and family to contribute to a shared payment or savings goal.
About Cash App Pools:
Whether they’re going in on a shared gift or saving up for a group vacation, Cash App users can now use a Pool function on the platform. With this feature, an organizer can create a shared Pool and solicit contributions from participating friends and family. Notably, those contributing to the Pool don’t need to have a Cash App account. Instead, organizers can send a link requesting a contribution and recipients can add funds using Apple Pay or Google Pay.
Currently, this new Pool function is only available to select Cash App users. However, support for the feature is expected to be rolled out to all customers “in the coming months.” Moreover, Cash App also says that it plans to introduce additional services to help groups save and spend together through the platform.
To get started with a new Pool, the organizer can head to the Payments tab in Cash App (the $ in the center) and type in the total goal amount. Then, they can tap the Pool button to set a name for the Pool. From there, they add people via Cash Tag or share a link inviting them to contribute. Those in the Pool will then be able to view the progress and total amount contributed.
What They’re Saying:
Commenting on the new Pool feature, Cash App’s Head of Product Design Cameron Worboys stated, “Cash App has always made sending money between friends and family feel effortless, and we know that many of our customers already use the platform as a way to collect payments from groups. With Pools, our customers now have a dedicated, easy-to-use solution for group payments: they can start a pool to collect the money in seconds, and then instantly transfer the funds to their Cash App balance when it’s time to pay.”
Worboys added, “For younger customers in particular, managing money is often an inherently social experience that requires extensive discussion, planning, and collaboration between groups. Combining the scale of Cash App’s network with our robust suite of banking and commerce tools, we’re excited to introduce new solutions tailored to the next generation and their financial lives.”
My Thoughts:
Although this isn’t an Earth-shattering feature and has been done to some degree by other platforms, there are a few interesting elements to this Cash App addition. First is the fact that even those without Cash App can still contribute. Certainly, it would be tempting to have users insist that their friends join in order to participate, yet that’s not the case here. On top of that, I’m interested to see what other features Cash App is alluding to that they plan to roll out in the months ahead.
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