The world of economics is becoming rapidly changing for the benefit of the consumer; initially, the only two options available were cash and bank accounts. Nowadays, the existence of countless peer-to-peer payment methods makes it easier for the user, Cash Tag being one of them.
More and more bank users are looking to become economically autonomous in order to be more comfortable and access their savings without a come-between slowing down their economic operations, as well as improving their security and effectiveness.
Cash Tag: a new Peer-to-peer Payment
It is common knowledge that bank transactions allow users to send and receive money to one another, but not directly. The bank acts as an intermediary and charges a fee before withdrawing the money.
Because of this, it is becoming increasingly common for people to choose peer-to-peer payment methods, also known as P2P payments. P2P is a form of electronic money transaction made from person to person, and although there is also an intermediary, instead of a bank it’s an app.
Cash tag is part of the Cash App that offers this P2P payment system.
What is Cash App?
Let’s start by stating that Cash App is not a bank; it considers itself a financial platform. Cash App is a mobile payment application, which purpose is to allow users to make P2P transfers, though you can also buy Bitcoin or invest in stocks. That is where the cash tag comes in, as it is a tool within the App.
What is Cash Tag?
Cash tag is a tool that serves as an identifier for each user of the App, which must be verified every time you receive or send money; in this way, it works as an alternative to using an account number, email, or phone number, protecting the security of users.
When you create a Cash Tag, the application will generate a URL address for you to share with your contacts so they can send money through it.
The transaction system is easy to use; the screen of the App will display the digits with the $ sign in the middle of the screen; input the amount of money to send and tap the “pay” button. There will be a list of contacts and other users, all with their $Cashtags. When making a transaction, you can also send a note to the other user.
How to use it?
Being such a versatile app, it may seem difficult to understand, but the truth is that it is actually very friendly software.
Once downloaded, the first thing you need to do is link one or more banks to your account. Once you’ve registered, a picture menu will appear in the upper-right corner, which is your profile. There will be an option to link accounts from different banks; select your bank, verify your data, and that’s it.
Once the bank is registered, users can transfer money and invest in stocks and bitcoins.
How to buy stocks in Cash App?
One of Cash App’s most remarkable features is the possibility of buying company shares on the stock market and investing in them.
In the investment tab, you will see the option “stocks,” and when you click on it, you will see a list of companies that offer fractional shares. You can invest in all the companies on the list. The minimum amount is $1.
When you buy the stock, you will see how much you’ve invested and how much you earn or lose every day according to the stock market. You can add to your current investments whenever you want; for example, you can buy a stock at $1, but then buy an additional $5 within the same company and thus increase the investment.
Cash App allows investing in several companies at the same time. You can view your portfolio, where the percentage earned daily will appear according to the investment and how much the stock has gone down or up.
Some companies on the stock market are Facebook, Square, Crocs, Amazon, Twitter, Apple, GoPro, Zoom, and Microsoft. In addition, you can also sell your stock whenever you want just by entering the portfolio and looking for the stock to sell.
How to buy Bitcoins in Cash App?
In the same way, the investment tab has an option for Bitcoin, the most popular cryptocurrency. Buying Bitcoin is pretty much the same process as buying shares; the amount you want to invest will appear on the screen, as well as the daily profit percentage once purchased.
In addition, there is also a Bitcoin news tabloid so that users can see the benefits and begin to understand the world of cryptocurrencies for future investments.
Once purchased, you can use the same app to withdraw your money whenever you want; go to the bank tab and select Bitcoin. There will be the option to withdraw. Money withdrawn from Bitcoin investments will be reflected in your Cash App balance.
Other Benefits of the app
Although it is a P2P Payment App, it offers many services apart from transactions, one of them being cash withdrawal from your wallet at ATMs without the fees charged by debit cards.
There is also the option to generate a Cash Card in the App, where the user can design it as they please, and then they well receive it in the mail, printed like a debit card; the difference being that this card will be associated with the Cash App balance.
Once the card is linked, the user will have access to a series of discounts from companies associated with the App. All discount options appear in the virtual card window of the application, where the user will be able to access them.