“We think one of our superpowers is the fact that not only do we have an ecosystem on the seller side that serves multiple verticals at once but we also have the buyer side in Cash App, and our goal over time is to realize more of these connections,” Chief Executive Jack Dorsey, also CEO of Twitter Earlier this year, Square linked its merchant loyalty program to the Cash App, making it possible for users who have earned rewards by shopping at Square retailers to manage those rewards inside the Cash App. Square’s merchant and consumers businesses long operated in their own realms, but the company has been showing a greater interest in connecting them recently.
Square shares are up nearly 70% in the past year. Shares of Square have rallied 12.4% over the pats three months, while the S&P 500 index SPX has advanced 5.1%. The company also offers a debit card that is linked to the Cash App and lets users make purchases at retailers more broadly using their mobile-wallet balances. The ability for Cash App users to make in-store payments using the app has been a “frequent request” among the customer base, Cash App lead Brian Grassadonia said in a release.
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