SAN FRANCISCO—A new report indicates Square is considering offering investment and savings products through its Cash App.
The Cash App targets the 30-million unbanked or underbanked households in the United States.
“The company may be offering savings products like a neighborhood bank might, and will perhaps allow customers to purchase stock just like Cash users today can purchase Bitcoin. Those are still just ideas that the company can do with the more than $200 million in balances that customers hold in the app,” Recode explained.
“It’s definitely a big balance. And we’re starting to think about, are there other things we could do for our customers there?,” said the company’s chief financial officer, Sarah Friar. “Maybe help them with their savings,” she said. “How can we help them make their money work for them? Lots of ideas on the table.”
One of those ideas is “absolutely” other types of investments, Recode said, citing Friar.
“Anything you do today with a bank account, you should look to the Cash App to begin to emulate more and more of that,” Friar said.