Square announced on Tuesday (April 3) that its peer-to-peer (P2P) Cash app is now available in the U.K.
According to news from MarketWatch, the U.K. is the first international market for the Cash app. Like in the U.S., users across the pond can now send and receive money without paying a fee. The funds will show up by the end of the next business day. However, the app doesn’t enable users to buy or sell bitcoin, which U.S. users of the app can do, and the Cash debit card won’t immediately be available in the U.K.
“Sending and receiving money is where Cash app began, and it’s grown into a service with mass appeal in the U.S. as a result of its speed and ease of use,” a Square spokesperson said in a statement to MarketWatch. “We’re excited to bring this to more international markets, and today is only the start of what we plan to offer as we continue to empower individuals by providing greater financial access to all.”
The availability of the Cash app in the U.K. comes as Square is rolling out other services in the country. In March, the company announced the launch of a new Instant Deposit service geared toward small businesses.
In a press release, Square said that with Instant Deposit, sellers receive money in their bank accounts in minutes — 24 hours a day, seven days a week.
“Since our founding, we’ve heard that cash flow is a major pain point for small businesses. Our products were all built to provide fast and predictable access to funds to help businesses of all sizes remain competitive and agile. We believe our sellers should have the ability to access the money they’ve made as fast as possible, so we’re thrilled to provide this new service to businesses across the U.K.,” Square CEO Jack Dorsey said in a press release at the time.
With the launch of Instant Deposit, Square said sellers can click a button in the app and transfer funds into their bank accounts in roughly 20 minutes. In order for the service to work, all merchants must do is link their bank accounts to their Square accounts.
The announcement came as Dorsey held a fireside chat in the U.K. hosted by the British Library’s Business and IP Centre, during which he said 75 percent of Square’s U.K. customers were located outside London — businesses not yet part of the credit and debit card economy.