Cash App AI Assistant: Get Answers to Your Finance Questions

Cash App Unveils New Features in Fall Update

A range of new functionalities have been introduced by Cash App as part of its recent fall update. These include an AI chatbot designed to provide financial insights, a revamped benefits program, and enhanced Bitcoin payment capabilities.

Introducing Moneybot: Your AI Financial Assistant

Cash App is launching Moneybot, an intelligent assistant capable of addressing user inquiries regarding their spending habits and income streams. It aims to deliver actionable insights for improved savings and investment planning.

Initially, Moneybot will be rolled out to a limited group of users, with wider access anticipated in the coming months. Users will be able to pose questions such as, “Could you detail my monthly income, expenses, and spending trends?” to generate comprehensive reports on their account activity.

The bot proactively suggests relevant actions, like initiating bill splits, verifying a Bitcoin balance, or requesting funds from contacts.

According to Cameron Worboys, head of product design at Cash App, “Today’s consumers are presented with substantial financial data, but Moneybot goes further by converting these insights into practical steps. Recognizing that each financial path is unique, Moneybot is engineered to learn individual customer behaviors and provide tailored recommendations in real-time.”

Expanding Bitcoin Integration

Block, the parent company of Cash App and Square, led by Jack Dorsey, continues to develop innovative methods for promoting Bitcoin payments. Last month saw the release of an integrated Bitcoin solution enabling merchants to seamlessly receive cryptocurrency directly into their wallets.

A new map feature now allows customers to locate businesses accepting Bitcoin. Furthermore, users can utilize USD to make cryptocurrency purchases without needing to hold Bitcoin themselves.

Transactions are facilitated through the Lightning Network, a layer-2 payment network built on the Bitcoin blockchain, utilizing QR codes for ease of use.

The company anticipates enabling select customers to send and receive stablecoins through the app in the near future.

Cash App Green: A New Benefits Program

Block is also revising the benefits structure for Cash App users. Previously, qualifying for benefits, such as a 3.5% yield, required direct deposits of at least $300 monthly.

A new program, called Cash App Green, is being introduced. Eligibility is now based on spending $500 or more per month via the Cash App Card or Cash App Pay, or receiving deposits of at least $300.

Benefits under Cash App Green include:

• An increased borrowing limit – up to $400 for new borrowers and a potential $300 increase for existing users.
• Free overdraft protection up to $200 for Cash App Card transactions.
• Fee-free ATM withdrawals at in-network locations.
• An annual percentage yield (APY) of up to 3.5% on savings balances.
• Five personalized weekly offers from various retailers.

Block estimates that this new program will extend benefits eligibility to as many as 8 million accounts.

Additional Updates

A 3.5% APY is now available for teen accounts with no balance restrictions. The Cash App Borrow product has also been expanded to 48 states. Furthermore, access to select Afterpay buy now, pay later (BNPL) services and features is now integrated within Cash App, eliminating the need for a separate login.