Cash App introduced an AI chatbot, a new benefits program, and in-app Bitcoin payment capabilities as part of its recent fall update.
The AI chatbot, named Moneybot, answers user finance questions, providing insights into spending patterns, income, savings, and investment planning. Initially available to select users, the chatbot will see broader availability in upcoming months. It generates reports on monthly income, expenses, and spending patterns. Moneybot also suggests actions such as bill splitting, checking Bitcoin balances, and requesting money. Cameron Worboys, head of product design at Cash App, stated Moneybot learns customer habits to tailor real-time suggestions, turning financial insights into actionable steps.
Block, led by Jack Dorsey, owns Cash App and Square and continues to promote Bitcoin payments. Last month, Block provided merchants with an integrated Bitcoin solution to receive cryptocurrency. Customers can now discover Bitcoin-accepting locations via a new map and pay in cryptocurrency using USD without holding it. The company utilizes the Lightning Network, a layer-2 payment network, to facilitate transactions via QR codes. Cash App will also allow some customers to send and receive stablecoins.
The company revised its benefits structure for Cash App customers, replacing the previous requirement of $300 monthly direct deposits for a 3.5% yield. The new Cash App Green program extends eligibility to users who spend $500 or more monthly through the Cash App Card or Cash App Pay, or receive deposits of at least $300. This program will make up to 8 million accounts eligible for benefits.
Benefits under the Cash App Green program include a higher borrowing limit, increasing to $400 for first-time borrowers and up to $300 for others. It also provides free overdraft coverage of up to $200 for Cash App Card transactions, free in-network ATM withdrawals, up to a 3.5% annual percentage yield (APY) on savings balances, and five customized weekly offers at various stores. The company is offering a 3.5% APY for teen accounts without balance limits. This release also includes the expansion of the Cash App Borrow product to 48 states and integrated access to some Afterpay buy now, pay later (BNPL) services and features within the Cash App, eliminating the need for a separate login.
