Cash App has officially announced the launch of Pools, which happens to be a new peer-to-peer payment feature, geared towards facilitating group payments with just a few taps.
According to certain reports, this particular innovation arrives on the scene bearing an ability to help those friends who are planning their next big vacation or coworkers who are chipping in for a colleague’s wedding gift, with each scenario offering an easy way to manage payments and track shared goals in one place. More on the same would reveal how Pools is very well-equipped to support contributions directly through Cash App, as well as via Apple Pay and Google Pay.
Currently available to a select group of Cash App customers, the solution’s broader availability is planned in the coming months to reach all Cash App customers and their communities.
“For younger customers in particular, managing money is often an inherently social experience that requires extensive discussion, planning, and collaboration between groups. Combining the scale of Cash App’s network with our robust suite of banking and commerce tools, we’re excited to introduce new solutions tailored to the next generation and their financial lives,” said Cameron Worboys, Head of Product Design at Cash App.
Talk about the whole value proposition on a slightly deeper level, we begin from the promise of proactive payment collection. You see, going by the company’s research, 60% of U.S. adults participate in some form of group money pooling. In fact, Cash App was found to play a role in around half of those cases.
In that respect, Pools makes it possible for groups to easily plan, collect, and track contributions before the event occurs.
Next up; we must expand upon the technology’s integrations with Apple Pay and Google Pay. If members of the group use different payment solutions, the organizer would typically need to download multiple apps to collect the money from each person, resulting in confusion, time wasted, and risk for all participants.
Having said so, the organizer can create a shareable link for group members to contribute to a pool in seconds using Apple Pay or Google Pay.
Hold on, we still have a couple of bits left to unpack, considering we haven’t yet touched upon the potential for easy progress tracking. This translates to how organizer can name, set a goal amount, as well as invite members to join the pool and track the group’s contributions, removing unnecessary logistics and guesswork.
Rounding up highlights would be Pools’ bid to provide end-to-end payment flows. We get to say so because each pool seamlessly connects to the Cash App’s suite of banking and peer-to-peer payment tools, helping the organizer instantly use that money towards the group’s goal.
Among other things, it ought to be acknowledged that organizers can start a pool through the Cash App payment tab. Once that part is done, they can create and name a pool, set a target amount, and invite contributors. Markedly enough, members can also be invited in-app via their $cashtag, or the organizer can text or share a link to request a contribution.
Assuming the collection drive has reached its required amount, the organizer can close the pool at any time and then transfer the money to their Cash balance.
Pools’ introduction is also the beginning of an assortment which is going to make money management between groups even more social, accessible, and intuitive. The stated effort will, all in all, look to enhance its network of more than 57 million monthly actives.
“Cash App has always made sending money between friends and family feel effortless, and we know that many of our customers already use the platform as a way to collect payments from groups,” said Worboys. “With pools, our customers now have a dedicated, easy-to-use solution for group payments: they can start a pool to collect the money in seconds, and then instantly transfer the funds to their Cash App balance when it’s time to pay.”
