PayPal 2.0 in the making? Cash App launches Savings 💸; Twitter is officially laying the groundwork for its upcoming Super App 📲; Crypto Security is going to be huge in 2023 🚀
FinTech is Eating the World, 1 February
Hey Everyone,
Happy Thursday! Hoping this is the last delayed issue, I invite you today to explore 3 fascinating FinTech stories. We’re going to look at PayPal 2.0 in the making (or how Cash App is building a FinTech giant), Twitter that officially is laying the groundwork for its upcoming Super App (& why Revolut & Klarna can only dream about it), and crypto security that is going to be huge in 2023 (watch this out!). Let’s jump straight into the spicy stuff 🌶
PayPal 2.0 in the making? Cash App launches Savings 💸
The news 🗞 Blocks’s SQ 0.00%↑ Cash App has launched a new feature that helps consumers with their savings, PYMNTS reported.
More on this 👉 Designed to make it easy for people to save for the first time, the new Cash App Savings allows customers to save with a separate balance, set savings goals, and round up their purchases to add to their savings.
With this first iteration of a Cash App Savings product, anyone with a Cash App account can set aside cash in a separate balance, set a financial goal, and save at their own pace, according to the press release.
In addition, with the Round Ups feature, the spare change from each purchase made using a Cash App Card will be automatically deposited into a separate savings balance, the release said.
What it means? 🤔 Although this isn’t a real savings account (that is FDIC insured and pays interest), Cash App’s new feature is yet another stepping stone for it to become PayPal 2.0. Here’s more on this + the takeaway (& bonus reads on Klarna, Cash App & Block):