Mobile payments service Cash App has announced several free features to let users seamlessly convert paychecks into bitcoin, round off their debit and credit card payments into bitcoin and to receive payments through the Lightning Network.
Cash App, which is operated by Jack Dorsey’s Block, Inc., is one of the world’s most popular payments apps and has allowed users to easily buy, sell and withdraw bitcoin since 2018. It reported $1.96 billion in bitcoin revenue in the fourth quarter of 2021 and Suter reemphasized the company’s commitment to the Bitcoin ecosystem as he announced the new services on stage at Bitcoin 2022.
"We believe that bitcoin is the world's best digital, sound money period," Suter said. "We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people."
Cash App announced integration of Lightning Network payments for users in February, but will now let users receive Lightning Network transactions as well.
"To make Bitcoin even more universally accessible, we're announcing Lightning receives,” said Suter. "In the coming months, you'll be able to receive bitcoin over the Lightning Network with no block confirmations needed."
In addition to the Lightning Network transaction reception integration, Suter announced that Cash App will introducing single QR codes for both on-chain and Lightning Network transactions, reducing the need for users to distinguish which rail they are making transactions through.
Suter framed the paycheck-to-bitcoin conversion feature as a way to more easily allocate regular earnings into inflation-resistant BTC.
Finally, the ability to round off card payments into bitcoin could serve as a powerful sats-stacking strategy for those seeking regular, dollar-cost-averaged allocations to bitcoin. Cash App offers integration with most existing credit and debit cards, and offers a Cash Card that users can leverage to pay for things from their Cash App balances. The rounding off feature will be available for Cash Card users.
“We're starting to roll out ‘paid in bitcoin,’” explained Suter. As far as I know this is the largest deployment of a feature like this to date… With two taps you'll be able to pick a percentage between one and 100 and boom, you're done."
Bitcoin 2022 is part of the Bitcoin Event Series hosted by BTC Inc, the parent company of Bitcoin Magazine.