Cash App：金融科技顛覆者模糊了銀行業的界限

Cash App 雖然不是銀行，但提供類似的服務，包括帶有路由和帳號的銀行帳戶。它與第三方銀行合作提供 FDIC 保險和其他服務，透過交易費、訂閱服務和比特幣銷售產生收入。 Cash App的收入來源包括基於交易的收費、與金融產品相關的訂閱服務以及比特幣收入，其中比特幣是主要貢獻者。

Cash App: A FinTech Powerhouse Blurring the Lines of Traditional Banking

現金應用程式：金融科技巨頭模糊了傳統銀行業務的界限

Introduction

介紹

Cash App, a subsidiary of Block, Inc., has emerged as a formidable player in the financial technology (FinTech) landscape, offering a suite of services that challenge the conventional boundaries of banking. Despite not being a bank in the traditional sense, Cash App operates akin to one, providing users with banking capabilities while capitalizing on the revenue streams associated with these services.

Cash App 是 Block, Inc. 的子公司，已成為金融科技 (FinTech) 領域的強大參與者，提供一系列挑戰銀行業傳統界限的服務。儘管不是傳統意義上的銀行，但 Cash App 的運作方式與銀行類似，為用戶提供銀行功能，同時利用與這些服務相關的收入流。

Banking Functionality without the Brick-and-Mortar

無需實體的銀行功能

Cash App users enjoy the convenience of a fully functional bank account, complete with routing and account numbers. This allows them to seamlessly receive ACH transfers and access FDIC insurance for their funds when they possess a Cash Card. Block, Inc., through Cash App, collaborates with third-party banking partners to provide these essential banking features.

Cash App 用戶可以享受功能齊全的銀行帳戶的便利，包括路由和帳號。這使他們能夠在擁有現金卡時無縫接收 ACH 轉帳並為其資金獲得 FDIC 保險。 Block, Inc. 透過 Cash App 與第三方銀行合作夥伴合作提供這些基本的銀行功能。

A Network of Banking Partners

銀行合作夥伴網絡

To deliver a comprehensive range of banking services, Cash App has forged partnerships with various financial institutions. Sutton Bank shoulders the responsibility for managing the Cash Card and the majority of other banking operations. Wells Fargo assumes the critical role of facilitating passthrough FDIC insurance and providing support for the Cash Card. Lincoln Savings Bank handles direct deposits and Plaid transfers.

為了提供全面的銀行服務，Cash App 與多家金融機構建立了合作夥伴關係。薩頓銀行負責管理現金卡和大多數其他銀行業務。富國銀行在促進 FDIC 保險直通和為現金卡提供支援方面發揮關鍵作用。林肯儲蓄銀行處理直接存款和格子轉帳。

Revenue Streams: A Diversified Approach

收入來源：多元化的方法

Cash App leverages three primary revenue segments to generate its financial success: transactions, subscriptions, and Bitcoin. Transaction fees are levied on businesses and users for services like instant money withdrawals at a rate ranging from 0.5% to 1.75% of the transferred amount. Additionally, sending money using a credit card incurs a 3% fee. Subscription services encompass Cash App's financial offerings, including the Cash App Card, Instant Deposit volumes, and related processing costs.

Cash App 利用三個主要收入部分來實現其財務成功：交易、訂閱和比特幣。向企業和用戶收取即時提款等服務的交易費用，費率範圍為轉帳金額的 0.5% 至 1.75%。此外，使用信用卡匯款需支付 3% 的費用。訂閱服務涵蓋 Cash App 的金融產品，包括 Cash App 卡、即時存款量和相關處理成本。

Bitcoin: A Lucrative Revenue Source

比特幣：利潤豐厚的收入來源

Bitcoin has emerged as a significant revenue generator for Cash App. The company imposes a service fee each time a user sells Bitcoin. The price discrepancy between what Bitcoin exchanges and individuals pay for Bitcoin ranges from 1% to 4%. Cash App exploits these variances when presenting prices to its users, effectively generating additional revenue through the exchanges it facilitates.

比特幣已成為 Cash App 的重要收入來源。每次用戶出售比特幣時，該公司都會收取服務費。比特幣交易所和個人支付比特幣的價格差異在 1% 到 4% 之間。 Cash App 在向用戶展示價格時利用了這些差異，透過其促進的交易有效地產生了額外收入。

Rebranding and Strategic Focus

品牌重塑與策略重點

In December 2021, Square, Inc. underwent a name change to Block, Inc., while retaining the stock ticker symbol "SQ." The Square brand remains associated with the company's Seller business, offering an integrated ecosystem of commerce solutions, business software, and banking services. Conversely, the Block brand focuses on the consumer realm, aiming to empower individuals, artists, fans, developers, and sellers financially.

2021 年 12 月，Square, Inc. 更名為 Block, Inc.，同時保留股票代號「SQ」。 Square 品牌仍然與公司的賣家業務相關，提供商務解決方案、商業軟體和銀行服務的整合生態系統。相反，Block 品牌專注於消費者領域，旨在為個人、藝術家、粉絲、開發人員和賣家提供財務支援。

Financial Performance: A Growth Story

財務績效：成長故事

Cash App's financial growth has been impressive. In the third quarter of fiscal year 2023, concluded on September 30, 2023, Cash App reported a revenue surge of 33.5% year-over-year, amounting to $3.58 billion. Gross profit witnessed an increase of 27% to $983.86 million. All revenue segments contributed to this growth, with transaction-based revenue exhibiting a notable surge driven by increased Cash App Business gross payment volume. This growth was largely attributed to peer-to-peer transactions received by business accounts and peer-to-peer payments made using credit cards.

Cash App 的財務成長令人印象深刻。截至2023年9月30日的2023財年第三季度，Cash App營收年增33.5%，達到35.8億美元。毛利成長27%至9.8386億美元。所有收入部門都對這一增長做出了貢獻，其中基於交易的收入在現金應用業務總支付量增加的推動下出現了顯著增長。這一成長主要歸功於企業帳戶收到的點對點交易以及使用信用卡進行的點對點支付。

A Breakdown of Revenue Segments

收入細分

Cash App's revenue is categorized into three distinct segments: transaction-based revenue, subscription-services revenue, and Bitcoin revenue. Block reports this data but does not provide an income breakdown by business segment.

Cash App 的收入分為三個不同的部分：基於交易的收入、訂閱服務收入和比特幣收入。 Block 報告了這些數據，但沒有提供按業務部門劃分的收入細目。

Transaction-Based Revenue

基於交易的收入

The transaction segment encompasses fees charged for peer-to-peer transactions conducted by both businesses and individuals. In Q3 2023, this segment generated $120.78 million, a modest 1.96% growth compared to the previous year. The revenue accounted for 3.37% of Cash App's total revenue.

交易部分包括對企業和個人進行的點對點交易收取的費用。 2023 年第三季度，該細分市場創造了 1.2078 億美元的收入，較前一年小幅成長 1.96%。該收入佔Cash App總營收的3.37%。

Subscription-Services Revenue

訂閱服務收入

Cash App's Subscription Services segment includes financial products such as the Cash App card, Instant Deposit volumes, and interest earned on customer funds. In Q3 2023, this segment recorded a remarkable 29.48% year-over-year growth, generating $1.04 billion. It constituted 29.03% of Cash App's overall revenue.

Cash App 的訂閱服務部門包括 Cash App 卡、即時存款量和客戶資金賺取的利息等金融產品。 2023 年第三季度，該細分市場年增 29.48%，創收 10.4 億美元。它佔Cash App總營收的29.03%。

Bitcoin Revenue

比特幣收入

Cash App's Bitcoin segment generates revenue by selling Bitcoin to its customers. In Q3 2023, this segment accounted for 67.60% of Cash App's revenue, with an impressive 37.49% year-over-year growth to $2.42 billion.

Cash App 的比特幣部門透過向客戶出售比特幣來產生收入。 2023年第三季度，該細分市場佔Cash App營收的67.60%，年增37.49%，達到24.2億美元，令人印象深刻。

Technical Issues and Customer Concerns

技術問題和客戶疑慮

In June 2023, Cash App identified a technical issue where customers were being inadvertently double-charged for certain Cash Card transactions. The company swiftly resolved the issue and announced refunds for affected customers.

2023 年 6 月，Cash App 發現了一個技術問題，導致客戶在某些現金卡交易中無意中被雙重收費。該公司迅速解決了該問題，並宣佈為受影響的客戶退款。

Additional Features: Beyond Standard Banking

附加功能：超越標準銀行業務

In addition to its core payment capabilities, Cash App also provides a range of value-added services. Users can leverage Cash App Savings to set savings goals, round up their transactions to the nearest dollar, and automatically allocate the additional amount towards their savings target.

除了核心支付功能外，Cash App還提供一系列加值服務。用戶可以利用 Cash App Savings 來設定儲蓄目標，將交易四捨五入到最接近的美元，並自動將額外金額分配給他們的儲蓄目標。

Limitations and Considerations

限制和注意事項

While Cash App offers a diverse array of services, it is important to acknowledge its limitations. The absence of a physical branch network can pose challenges for larger transactions, such as purchasing a car or writing checks from a Cash App account balance.

雖然 Cash App 提供多種服務，但重要的是要承認其限制。缺乏實體分支網路可能會為較大的交易帶來挑戰，例如購買汽車或從 Cash App 帳戶餘額中開支票。

The Future of Financial Services: A Digital Transformation

金融服務的未來：數位轉型

The global banking landscape is undergoing a profound transformation, driven by the rapid advancement of technology. As more individuals embrace cashless and virtual banking systems, companies like Cash App are poised for significant growth and innovation.

在科技快速進步的推動下，全球銀行業格局正經歷深刻變革。隨著越來越多的人接受無現金和虛擬銀行系統，Cash App 等公司已準備好實現顯著成長和創新。

Disclaimer

免責聲明

The views and opinions expressed in this article are solely those of the author or individuals quoted within the article. They do not constitute financial, investment, or other advice. Engaging in stock, crypto, or other related index trading involves inherent financial risks, and it is essential to consult qualified professionals before making any investment decisions.

本文所表達的觀點和意見僅代表作者或文章中所引用的個人的觀點。它們不構成財務、投資或其他建議。從事股票、加密貨幣或其他相關指數交易涉及固有的財務風險，在做出任何投資決策之前諮詢合格的專業人士至關重要。

About the Author

關於作者

Steefan George is an ardent crypto and blockchain enthusiast with a deep understanding of market dynamics and technology. Armed with a graduate degree in computer science and an MBA in Banking, Finance, and Investment (BFSI), he excels as a technology writer for The Coin Republic. Driven by a passion for bringing blockchain to the masses, Steefan aims to simplify complex concepts and demonstrate the transformative potential of this groundbreaking technology for the benefit of all.

Steefan George 是一位熱心的加密貨幣和區塊鏈愛好者，對市場動態和技術有深入的了解。他擁有電腦科學研究生學位和銀行、金融和投資 (BFSI) MBA 學位，並且是 The Coin Republic 的出色技術撰稿人。在將區塊鏈帶給大眾的熱情的推動下，Steefan 旨在簡化複雜的概念，並展示這項突破性技術的變革潛力，造福所有人。