Jack Dorsey's Block Inc. is adding a group payments feature to its Cash App as it aims to attract out of network users to its peer-to-peer money transfer and banking app.
The new so-called Pools feature will allow Cash App users to invite Apple Pay and Google Pay users to contribute funding toward group transactions like a vacation rental or large gift, according to a press release. The organizer can text a link to request a contribution from people outside the ecosystem, it said.
"It's an opportunity for us to demonstrate the simplicity in the utility of Cash App and invite those who might not yet be on the platform to sign up and join," Owen Jennings, executive officer and business lead at Block, said in an interview. "What we're building at Cash App is the financial operating system for the next generation and we're really building the tools that will allow folks to run their entire financial lives on Cash."
While the Cash App team had been focused on converting existing users into
The renewed focus on adding users came around the same time the fintech firm cut guidance in early May as a result of a more challenging macro environment. In its first quarter letter to shareholders, it noted the number of monthly transacting actives on Cash App had remained around 57 million over five quarters. It's due to report next on Aug. 7.
Block's stock has climbed back from a more than one-year low reached back in May and recently got a lift with inclusion in the S&P 500 on July 23, underscoring the growing influence of digital payment systems.
