Square Cash App Adds Recurring Buy Functionality
Summary
- Square Cash App adds recurring buy functionality to the popular mobile payment processor.
- The app saw a 370% YOY Bitcoin revenue increase in 2020 Q1.
Jack Dorsey, CEO of Twitter and Square Inc., has been a long-time Bitcoin advocate. Dorsey’s 4.5 million follower account has a very simple twitter bio: “#bitcoin.”
Square’s Cash App now offers users the ability to set up recurring Bitcoin buys. The ability to purchase Bitcoin automatically makes it easier for individuals to invest in Bitcoin.
The Cash App allows users to set daily, weekly, or even bi-weekly (two weeks) recurring buys. Coinbase already features recurring purchases allowing users to purchase crypto automatically. Cash App has also added functionality allowing users to view their balance in Satoshis (one hundred millionths of a Bitcoin).
Square Cash App Sees Immense Bitcoin Growth
This comes as the popular payments processor saw a surge in Bitcoin transaction volume through the app. As reported by The Crypto Associate, Bitcoin-associated revenue saw a 370% YOY increase. Bitcoin revenue also accounted for 22% of the entire Square platform’s 2020 Q1 revenue.
Cash App revenue included $306 million in bitcoin revenue during the quarter, which benefited from an increase in transacting active bitcoin customers and growth in customer demand as a result of the decrease in the price of bitcoin.
Square Earnings Release
The surge in revenue may also be a result of increased crypto adoption, rather than just an increase in trading volume. With Square’s Cash App adding new features to make the purchasing process easier, it won’t be surprising to see other institutions following suit.
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