Cash App Launches AI Assistant for Financial Queries
Cash App has launched several new features as part of its fall update. Among these is an innovative AI assistant, dubbed Moneybot, designed to assist users with financial inquiries. This chatbot aims to help users understand their finances more effectively by providing insights into spending habits, income, and savings strategies.
Introducing Moneybot: Cash App’s AI Assistant
Moneybot will be available initially to a select group of users, with wider access expected in the following months. Users can pose questions such as, “Can you show me my monthly income, expenses, and spending patterns?” The assistant will generate reports and suggest actions, making financial management simpler and more personalized.
Cameron Worboys, Head of Product Design at Cash App, highlighted that Moneybot is designed to transform users’ financial data into actionable insights. As each user’s financial journey is unique, Moneybot adapts to individual spending habits and preferences to offer tailored suggestions.
Enhancing Bitcoin Utility
Cash App is further enhancing user experience with its new features that promote Bitcoin transactions. Customers can now discover businesses that accept Bitcoin payments through an integrated map. Moreover, the app allows users to make Bitcoin payments using USD without needing to own Bitcoin. This is facilitated by the Lightning Network, a layer-2 payment solution that makes transactions fast and efficient through QR codes.
New Benefits Program: Cash App Green
Alongside Moneybot, Cash App has introduced a revised benefits program called Cash App Green. Previously, benefits were available to customers with direct deposits of at least $300 monthly. Now, users who spend $500 monthly using the Cash App Card or Cash App Pay, or receive a $300 deposit, qualify for enhanced benefits.
- Increased borrowing limit: First-time borrowers can access up to $400.
- Existing customers can increase their limit by up to $300.
- Free overdraft coverage of up to $200 for Cash App Card transactions.
- Free in-network ATM withdrawals available.
- Up to 3.5% annual percentage yield (APY) on savings balances.
- Five personalized weekly offers at various retailers.
This new program expands eligibility, potentially benefiting up to 8 million accounts. Additionally, Cash App now offers a 3.5% APY for teen accounts with no balance restrictions, further promoting financial literacy and savings among younger users.
Expansion of Existing Services
The Cash App Borrow product is also expanding, now available in 48 states. Users will gain access to Afterpay’s buy now, pay later (BNPL) services directly within the Cash App, eliminating the need for separate logins. These new features reflect Cash App’s commitment to enhancing user experience and providing comprehensive financial services.
