Offering upfront payment collection and the ability for group members to contribute through Apple Pay and Google Pay, pooling money is now quicker and easier than ever with Cash App
Cash App today announced the launch of pools, a new peer-to-peer payment feature that enables group payments with just a few taps. From friends planning their next big vacation to coworkers chipping in for a colleague's wedding gift, Cash App pools make it easy to manage payments and track shared goals in one place. Pools supports contributions directly through Cash App as well as via Apple Pay and Google Pay. Pools are currently available to a select group of Cash App customers, with broader availability planned in the coming months to reach all Cash App customers and their communities.
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Organizing experiences and coordinating reimbursements as a group can be overwhelming, especially for the person tasked with planning the event. With pools, members can contribute within seconds so the group can focus on the experience and not on stressful payment logistics:
- Proactive payment collection: Our market research shows that 60% of U.S. adults participate in some form of group money pooling, with Cash App playing a role in about half of those cases*. Today, one person has typically needed to volunteer to make the payment up front. Pools were designed for groups to easily plan, collect, and track contributions before the event occurs so that nobody has to front the entire cost.
- Integrations with Apple Pay and Google Pay: If members of the group use different payment solutions, the organizer has historically needed to download multiple apps to collect the money from each person resulting in confusion, time wasted, and risk for all participants. Now, the organizer can create a shareable link for group members to contribute to a pool in seconds using Apple Pay or Google Pay.
- Easy progress tracking: The organizer can name, set a goal amount, and invite members to join the pool and track the group's contributions, removing unnecessary logistics and guesswork.
- End-to-end payment flows: Each pool seamlessly connects to the Cash App's suite of banking and peer-to-peer payment tools, so the organizer can instantly use that money toward the group's goal.
"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," said Cameron Worboys, Head of Product Design at Cash App. "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."
Starting a pool in Cash App
Organizers can start a pool through the Cash App payment tab. From there, organizers can create and name a pool, set a target amount, and invite contributors. Members can be invited in-app via their $cashtag, or the organizer can text or share a link to request a contribution using Apple Pay or Google Pay. The organizer can close the pool at any time and then transfer the money to their Cash balance.
Money made simple and social
The launch of pools marks the start of an exciting new chapter for Cash App focused on making money management between groups even more social, accessible, and intuitive, in turn deepening engagement and growing Cash App's network of more than 57 million monthly actives. In the coming months, Cash App will introduce more features and services that make it easy for groups to share, save, and spend money through the platform.
"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," added Worboys.
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About Cash App
Cash App is the money app. Banking** on Cash App is easy: customers can receive paychecks early with direct deposit, spend money where Visa is accepted with a personalized Cash App Card, and grow their money with a separate savings balance - all without hidden fees. Customers can also create a unique $Cashtag to share with anyone to get paid fast, make purchases with Cash App Pay, trade stocks and buy and sell bitcoin, and pay over time with Cash App Afterpay. Download Cash App for free at cash.app/download.
The use of pools is subject to the Cash App Terms of Service and Terms of Service for Pools Contributors (No Account)
*Cash App surveyed 6,200 U.S. adults about how they've collaborated financially over the past 12 months — including group activities, shared expenses, and local fundraising efforts. We also conducted qualitative in-depth interviews with customers across demographics, including teens and parents.
**Cash App is a financial services platform, not a bank. Banking services provided by Cash App's bank partner(s). Prepaid debit cards issued by Sutton Bank, Member FDIC. See cash.app for more details.
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