Cash App introduced a new peer-to-peer payment feature called “Pools” on Tuesday. This feature allows users to pool money with friends or family for shared expenses like groceries, restaurant bills, vacations, or group gifts. Initially available to select users, it will roll out more widely in the coming months.
To create a Pool, users can go to the payment tab, set a target amount, and invite contributors via their $cashtag. They can also text a link to non-users, who can contribute through Apple Pay or Google Pay. The organizer can close the Pool at any time and transfer the funds to their Cash App balance.
The inclusion of non-users through Apple Pay and Google Pay is a key feature, as it expands participation beyond Cash App users. This move comes as the platform looks to boost growth after reporting lower-than-expected user activity in the first quarter, which impacted gross profit.
Cash App’s Pools feature positions it to compete with similar offerings from Venmo and PayPal, both of which already provide money-pooling capabilities.