Cash App, a money management platform launched by Jack Dorsey’s Square, is one of the most popular money transfer mobile applications on the market. The popularity of Cash App and other digital money transferring platforms like Venmo and PayPal has recently led to new legislation allowing transfers to fall under increased scrutiny from the American Internal Revenue Services (IRS). While Israelis have been using similar applications like Bit, Paybox, and Pepper, they’re unfamiliar with the features that have made Cash App so popular. 

Here is all you need to know about Cash App.

How does Cash App work? 

Cash App is a smartphone app primarily focused on money transfer. Users have a $cashtag, a unique username, which are used as the destinations for fund transfers. Email addresses and phone numbers can also be used. Users can send money to other app users, or send a request for a specific sum from someone else. This makes it ideal for small business transactions. Unverified accounts are limited to receiving $1000 a month and sending $750 a week. A verified account has no limit for receiving funds, and can send up to $7,500 a week. 

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