Why is Cash App being Scammed?

Today, you will find a lot of applications in 2019 that would make your money transfer secure and simple. But the best among all of these is cash application.

Cash app allows sending money online to its family and friends in a much easier way. It is very simple to use for its members and in February 2018, its users were recorded to that of 7 million.

Whether you want to send and receive money, celebrating dinner, an instant birthday gift, or petty loan- this application is an all-time solution.

Headquartered in San Francisco, and developed by Square, Inc its unique features are like-

Zero fees, instant available funds option of signing up with existing bank card, buying bitcoins, earning rewards, adding recurring cash into your own account and receiving payments via direct deposit one can easily avoid going to banks. But a few days back a scam has been reported by the policemen of U.S. regarding cash sending applications like Venmo, Cash app, Pay pal and apple pay.

Imagine someone asks to use your phone because they forgot their mobile somewhere or their battery died. Then they pretend that the person they called does not pick up and then they will message the person.

Rather than texting the person they will go into your cash app and transfer funds. They will even delete the app so that you don’t even receive the notification.

Most of the experts would suggest you link your cash application to your credit card so that your cash app is protected.

One biggest news attached with cash app is that its founder Square spends $20 to acquire each new cash app user. No doubt the Cash App has achieved a lot of growth. It has now become a meaningful contributor to the company’s top line growth. Its peer to peer method is a no1 driver of the subscription and services segment, said by the management at the J.P. Morgan Global Technology, Media and communications conference.

During that conference, CFO Amrita Ahuja noted the company’s per customer investment cost for cash app which is about $20 and it is quite low relative to other financial services, and even compared to other apps.

Square is the only company attracting consumers at a relatively low price, but cash is also growing quickly. Its active monthly users doubled in 2018, which reached 15 million by December.

It is an estimate done that if Square continues to attract users at this rate in terms of both growth and investment cost it will be able to make a strong profit off the app’s users in the long run.

Cash app gets benefitted from the network effect and it is more useful when more people sign up and use this service. It currently offers $5 to both new users and also to the people who referred them.

Square is also using things like Cash card boosts to attract users to its app. Boosts offer instant cash back on purchases made with the cash app linked debit card at certain retailers.

Despite all this, if we take a look at the overall scenario of cash app, we will notice that hundreds of people from across U.S.A said that they were victims of a scam involving a popular cash sharing app.

Cash App Support Number

For more information, visit here: https://www.optcustomerservice.com/cashapp-support-number.html

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