Cash App, owned by Block, is taking a bold step to enhance its peer-to-peer payment services with the launch of Pools, a new feature designed to simplify group payments. This marks the company’s first major P2P product release in nearly two years and introduces out-of-network payments by allowing contributions through Apple Pay and Google Pay, reaching users beyond the Cash App ecosystem for the first time.
Pools enables users to create and manage shared balances for group expenses, such as splitting bills or collecting money for trips. By sharing a Pool link, organizers can invite contributions from friends who don’t use Cash App, broadening participation and making group payments more accessible.
This move comes as Cash App aims to regain momentum in the competitive peer-to-peer market, particularly against Venmo, which has been experiencing steady growth under new leadership at PayPal. Venmo’s revenue surged more than 20% year-over-year in the second quarter, fueled by increased usage of its debit cards, instant transfers, and online checkout features.
For Block, Pools represents a strategic pivot after a disappointing first-quarter performance where the company acknowledged a loss of focus on expanding Cash App’s user base. Owen Jennings, Block’s head of business, emphasized the social nature of money and the goal of positioning Cash App as a comprehensive financial operating system for the next generation.
Opening up to Apple and Google users is seen as a significant growth opportunity. Each non-Cash App contributor to a Pool is viewed as a potential new user, fueling network expansion and enhancing the app’s viral growth. The feature’s rapid development was accelerated by internal AI tools and a renewed focus on speed and quality.
CEO Jack Dorsey previously highlighted the importance of peer-to-peer engagement as the foundation of Cash App’s growth, even as the platform expands its banking and lending services. Pools is designed to drive organic user growth rather than immediate revenue, featuring progress tracking, integration with Cash App’s banking tools, and customizable contribution targets.
Currently available to a select group of users, Pools is set for a broader release in the coming months, marking the beginning of a new chapter for Cash App focused on making money management a more social and collaborative experience.
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