Square’s Cash App is facilitating the US citizens and residents who generally do not file income tax returns to steer upcoming stimulus payments from the government to a smart phone application.
The initiative has begun after the firm did not succeed in persuading the US Treasury to allow it to disburse the stimulus funds to a portion of the US population.
In a matter of hours after the IRS (Internal Revenue Service) approves the disbursement of stimulus amount to citizens who do not file income tax returns, clients of Square will be able to receive payments disbursed in accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act straightaway in their Cash App balance.
An announcement on Square’s website details that the app will offer “routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance.”
Later that day, Square unveiled a web portal that simplifies the process of requesting payments to their Cash App, from the IRS, by clients who do not file tax returns. An analogous portal will be unveiled April 17 to permit taxpayers to seek payment to their Cash App balance.
Get your $1,200 even if you didn’t file a tax return in 2019 https://t.co/sM5VWkev5b
— jack (@jack) April 10, 2020
By the end of March 2019, executives associated with Cash App and associate electronic payments platform Venmo interacted with the US Treasury to negotiate how they can support the distribution of stimulus package. Amidst the worldwide economic downturn, Square recorded a rise in Bitcoin (BTC) usage on its application.
In an investor call on March 21, Square CFO Amrita Ahuja opined that “adoption and engagement of fractional equity investing in Bitcoin have accelerated in recent weeks” pointing to “recent market interest and volatility.”
BTC continues to play an important role in Square’s revenues, with a shareholder letter posted online in the final week of February revealing that 50% of the company’s Q4 2019 revenue has been generated by Cash App’s Bitcoin services.
