Square Launches Share Investments on its Cash App (Even as little as $1)
Square’s Cash App, aimed at the young and the hip, will allow investing in share fractions.
The Square Cash App is a mobile payments app that allows people to transfer money between cellphones, pay for retail purchases, and draw cash via credit card, or an ATM.
The Cash App also allows trading in Bitcoin since January 2018.
“Introducing #CashAppInvesting. Now you can instantly buy stock in your favorite companies with as little as $1 with Cash App,” said Cash App’s tweet of October 24.
“You don’t need to buy an entire share to make your first investment. With Cash App, you can own a piece of hundreds of different stocks, including the most expensive stock on the market, Berkshire Hathaway Class A, which regularly trades above $300,000 per share.”
Square Cash App: Stock Investing 101
The App also features fun and light-hearted tips on stock investing via “My First Stock.”
Here’s a sample:
According to The Verge, buying stocks on the Cash App will be commission-free. This feature, along with share fractions, should make it immensely popular for all kinds of customers. These could be young and starting in life.
Last year, CEO Jack Dorsey said, “We are reaching an audience that is under-served and even to the point of unbanked, which wasn’t a stated goal, but it’s something we love and want to lean into more.” The company found its customers were treating its Cash app more like a bank account than the company intended.
[Related Story: Broker Charles Schwab to Launch “Fractional Stock” Ownership ]
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