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Square’s Cash App Now Lets Customers Get Bitcoin Back on Purchases

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Cash App, the cash-transferal app of payments giant Square, is now allowing customers to get bitcoin back on every transaction.

  • Previously, Cash App had only allowed clients to get U.S. currency back on transactions.

  • In November, in the company’s Q3 earnings report Square said Cash App generated $1.63 billion of bitcoin revenue, up 11 times from the year-ago period.

  • The move is another sign of the growing mainstream acceptance of bitcoin and the increasing importance of the leading cryptocurrency to Cash App and to its parent.

  • It’s also likely a move to stay a step ahead of rival PayPal, which recently dove head first into the cryptocurrency arena.

  • Cash App’s upgrade is the latest in a continuing trend of bitcoin-back rewards product offerings, after cryptocurrency lending firm BlockFi announced its partnership with Visa to launch a bitcoin-back credit card in early 2021, per CoinDesk’s prior reporting.

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