Square’s digital wallet startup Cash App has introduced its first apparel collection, Cash by Cash App, The Wall Street Journal reported on Tuesday (Dec. 8).
“What is more plausible is that this could be a test for a closed-loop eCommerce checkout button,” Mizuho’s Dan Dolev wrote in a recent note, per WSJ.
Cash App’s gross payment volume was $2.9 billion in the third quarter, up 332 percent from 2019, the company said last month.
The Cash by Cash App clothing line was created in-house by the company’s Brand Studio team and features vibrant colors, psychedelic designs and parody images related to money, Women’s Wear Daily reported. The unisex merchandise, which was produced in Los Angeles, includes shirts, sweatshirts, hoodies, sweatpants, accessories and more.
The collection will be available until Feb. 28 on cashbycashapp.com, which features an interactive 3-D experience to view clothing options. Shoppers using Cash App to pay for purchases will get 25 percent off.
Cash App is the latest non-clothing firm to launch an apparel line. SoundCloud introduced an apparel line with design duo Grvty. In January, Popeyes launched a clothing line inspired by its uniforms that resembled Beyonce’s Adidas line.
In August, Cash App introduced a pilot program with about 1,000 customers for short-term loans of up to $200. There is a flat fee of 5 percent and loans come due within four weeks. After the grace period, 1.25 percent of non-compounding interest is charged to the borrower weekly.
Square’s stock soared 175 percent this year, fueled in part by the pandemic’s drive to contactless payments. The stock opened Sept. 2 at $170.62. By way of comparison, it closed out 2019 at $62.56.
Third-quarter results released last month showed that gross payment volume (GPV) hit $31.7 billion, up from $22.8 billion in the second quarter and $28.2 billion during the same period in 2019.
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