Cash App offers a way to send and receive money instantly, and unlike PayPal, it’s fee-free. With over 10 million downloads since 2013, it should be ok to assume that Cash App isn’t a scam. However, some reviews online beg to differ. So, is Cash App safe? We’ve done our homework and found out the facts.
If you’ve never come across Cash App before, it’s a simple app that allows you to transfer and receive funds to and from friends and family instantly. Let’s say you need to split a dinner bill with a friend. You can do this while you’re standing next to them in mere seconds, with just a few swipes and touches of your smartphone.
What’s more, Cash App doesn’t charge fees for sending, requesting or receiving money – as long as you have a personal account (not business). The fact that transfers are instant is advantageous too. Cash App does charge a 1.5% fee if you want to cash out your money to your bank instantly. However, if you can wait 1-3 business days, it’s free.
You can use Cash App to buy and sell Bitcoin, and there’s a nice referral scheme where both you and your friends can benefit from a bonus when you invite them to try Cash App.
What real users say about Cash App
Cash App scores 4.6 / 5 on the App Store and 4 / 5 on Google Play. These are decent scores when you consider that the app has had more than 10 million installs on Google Play alone and has received over 80K ratings on the App Store.
It’s clear that many users love Cash App. Over at the App Store, one recent reviewer claims the app is incredibly simple to use and that it’s the best they’ve used for money transfers, whether for business or pleasure.
One user reported via Google Play that the app’s instant transfer feature is excellent and so fast compared to PayPal. Another reviewer praised Cash App for offering their services at low (or no) cost and touched on the benefits of buying Bitcoin at market value.
So, with the vast number of downloads and many favorable ratings, why do some people think that the app is a scam?
Well, according to various negative reviews online, some users are reporting that sent payments have not been received. For example, one user said they deposited $150 into their bank account instantly, and they are still waiting, having received no response from customer service.
Quite a few negative reviews criticise the lack of customer support, saying that only being able to contact the service by email isn’t good enough. For what it’s worth, Square, the creators of Cash App have acknowledged the need for phone support. In the meantime, existing users can contact them online here.
It seems there may be some organizations out there which are impersonating Cash App and therefore are scams. When replying to someone who had $215 go missing out of their account while on the phone to Cash App’s customer service, Square said that users must exercise caution and only contact Cash App through the official channels (such as the link above). Currently, there isn’t a dedicated phone line for Cash App.
The security features of Cash App are comprehensive. Customer details are encrypted and sent to Square’s servers securely, no matter whether you’re using a private or public internet connection or data service.
Cash App benefits from layered security systems. Card-processing systems comply with the PCI Data Security Standard (PCI-DSS). Square’s technology analyzes transactions as they’re happening to help detect suspicious activity before fraud takes place. Their servers are housed in a secure facility which is monitored around the clock by security staff.
Square also encourages several best practices for users to implement such as enabling the Cash App “Security Lock” setting which means you’ll need to enter your passcode to authorize each transaction.
It’s evident from the reviews that money sent or received via Cash App can go missing, but what’s not clear is how many reports of this are down to human error (by inputting incorrect payment details for example). It’s also apparent that getting issues resolved can be a bit tricky, what with the lack of phone support and lengthy waiting times reported.
There are FAQs on Square’s website however, on how to locate your deposit or cancel payments that have gone to the wrong person.
All in all, Cash App from Square, Inc. is legitimate. Bear in mind, if you’re going to use Cash App, and you need to contact support, be sure to use the official channels only.
*The above information is correct at the time of publishing.