Cash App unveils P2P pay over time with 7.5% fee
Cash App just dropped a new pay-over-time feature, letting users split peer-to-peer payments over several weeks instead of paying all at once.
If you're sending $25 or more, there's a 7.5% fee, and you can pay back weekly or in one go after six weeks.
Owen Jennings highlights dynamic loan limits
Owen Jennings from Block says this update is especially for folks with unpredictable incomes (think freelancers, gig workers, and entrepreneurs) who need more control over their cash flow.
The feature uses dynamic loan limits based on the original transaction amount and individual customer assessment, and aims to keep things responsible with built-in safeguards to help users avoid debt traps.
Jennings also pointed out that Cash App wants to do better than typical "buy now, pay later" options by focusing on user well-being.