SAN FRANCISCO— Cash App said it is expanding its pay-over-time capabilities to peer-to-peer (P2P) transfers, allowing users to convert recent payments into short-term installment plans.
The new feature enables eligible customers to spread the cost of P2P transactions of $25 or more made within the past 30 days, according to a company release.
- Users can convert qualifying transfers into installment plans
- Customers receive the original transfer amount back into their Cash App balance immediately
- Repayment can be made in weekly installments or as a single payment at the due date
- A transparent upfront fee is charged for the service
Cash App said the offering builds on its existing pay-over-time product for debit card purchases introduced last year, extending installment options beyond traditional merchant checkout experiences.
‘Builds on Existing Behavior’
“Millions of customers already use pay-over-time features within Cash App for card purchases, and this expansion builds on that existing behavior by extending a familiar experience to more transaction types within the app,” said Owen Jennings, executive officer and head of business at Block, the parent company of Cash App.
Jennings added that the feature is intended to provide users with greater flexibility in how they manage both sending and spending money within the platform.
Cash App said the move reflects growing demand for installment-based payment options across a wider range of financial activities.
