Cash App launches ‘pay later’ feature for P2P pay transfers
Cash App introduces deferred payments for peer-to-peer transfers.
Cash App, owned by Block, has introduced a ‘pay-over-time’ feature that enables users to defer payments on peer-to-peer transfers, enhancing financial flexibility for those with variable income. Users can borrow amounts starting at $25, repaying over six weeks with a 7.5% fee. This move aims to cater to the growing number of gig workers and entrepreneurs who face inconsistent income.
Key Takeaways
- 1.
Users can pay a 7.5% fee to defer payments over six weeks.
- 2.
Loan limits are dynamic and based on individual customer assessments.
- 3.
Cash App aims to support gig workers with variable income streams.
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