Cash App, a mobile payments app developed by Square (NYSE:SQ) that allows peers to transmit money between cellphones, make retail payments, and cash out via credit card, “Cash Card” or ATM, has added stock trading as a feature.
The development was announced October 24th on Twitter.
The service is also being featured on the Cash App landing page in a series of educational slides the company refers to as “a book” called My First Stocks.
According to tweets from Cash App:
“#CashAppInvesting will be rolling out to everyone soon, so keep checking your app. Until then, here’s a book we made to help everyone better understand investing: https://cash.app/stocks.”
Other tweets from the company say the service will allow Cash App users to ” instantly buy stock in your favorite companies with as little as $1 with Cash App.”
“You don’t need to buy an entire share to make your first investment. With Cash App, you can own a piece of hundreds of different stocks, including the most expensive stock on the market, Berkshire Hathaway Class A, which regularly trades above $300,000 per share.”
Cash App marketing is youth-oriented and hip.
Square enabled Bitcoin trading via Cash App in January 2018, and in Q1, 2019, reported that Bitcoin sales accounted for about 10% of the company’s total revenues of $656 million.
Square CEO Jack Dorsey has stated previously that a good deal of the payments handled on Cash App come from unbanked American customers shopping at low-end retail and fast food establishments.
Information in the Cash App investing book is aimed at beginners and is a colourful and amusing primer.
Interested parties can download Cash App from the App Store or Google play, connect their bank accounts and proceed.