Cash App Launches New Savings Feature

Cash App Launches New Savings Feature

Cash App has launched a brand new function that helps shoppers with their financial savings.

Designed to make it simple for individuals to avoid wasting for the primary time, the brand new Cash App Savings permits clients to avoid wasting with a separate steadiness, set financial savings objectives and spherical up their purchases so as to add to their financial savings, the corporate mentioned in a Tuesday (Jan. 31) press launch emailed to PYMNTS.

“Many Cash App clients are already treating Cash App as an off-the-cuff financial savings instrument, and a separate financial savings steadiness was some of the requested for options,” Cash App Head of Financial Services Ryan Budd mentioned within the launch.

FinTechs are tapping right into a development of serving to shoppers with their financial well-being by providing quite a lot of digital instruments. For instance, some are introducing merchandise that empower shoppers with an summary of their spending habits, tag purchases with a label to assist them establish spending classes and incorporate historic knowledge right into a funds.

The launch of this new function from Cash App comes days after purchase now, pay later (BNPL) large Klarna added a financial planning tool to its core features. The new Money Story function within the Klarna app presents knowledge in an animated format much like that seen on social media, and goals to interact customers, ship helpful insights and domesticate sensible spending habits.

Like that function, the brand new instrument from Cash App arrives throughout Financial Wellness Month.

With this primary iteration of a Cash App Savings product, anybody with a Cash App account can put aside money in a separate steadiness, set a monetary objective and save at their very own tempo, in line with the press launch.

In addition, with the Round Ups function, the spare change from every buy made utilizing a Cash App Card will likely be routinely deposited right into a separate financial savings steadiness, the discharge mentioned.

“We’re continually evolving our choices to satisfy the wants of our clients and might’t wait to ship much more performance to assist our clients save and develop their cash,” Budd mentioned.

PYMNTS Data: Why Consumers Are Trying Digital Wallets

A PYMNTS examine, “New Payments Options: Why Consumers Are Trying Digital Wallets” finds that 52% of US shoppers tried out a brand new cost methodology in 2022, with many selecting to provide digital wallets a strive for the primary time.