FINTECH

How to Send and Receive Money through Cash App

Published

1 year ago

How to Send and Receive Money through Cash App

Are you looking for a convenient way to send and receive money abroad? If you are, then Cash App is one of the best options available for you. Cash App is a mobile payment service that allows users to send and receive money from their smartphones. It is a convenient and secure way to transfer funds, and it is becoming increasingly popular as an alternative to traditional banking methods.

In this article, we will provide you with a step-to-step guide on how to send and receive money through Cash App. Whether you are a new user looking to set up your account or an experienced user looking to improve your skills, this article will provide you with the information you need to effectively use Cash App.

What is Cash App?

Cash App is a mobile payment service developed by Square, Inc. That allows users to transfer money to one another using a mobile phone app. It is available for download on both iOS and Android devices and can be used to send and receive money from friends, family, and other individuals. In addition to peer-to-peer money transfer, Cash App also offers a range of financial services, including the ability to buy and sell stocks, make deposits and withdrawals at ATMs, and purchase bitcoin. The service is free to use for basic transactions, but fees may apply for certain features or services.

How Does Cash App Work?

Cash App is a mobile payment service, allowing users to transfer money to one another using a mobile phone app. With Cash App, you can easily send and receive money without incurring any fees, and most payments are transferred to your bank account in just a few minutes. It’s a convenient way to send money to anyone with a phone number or a unique £Cashtag, even if they are located internationally. If you need to send a payment to someone in a different country, Cash App will automatically convert the payment using the current mid-market exchange rate and your recipient will receive the funds in their local currency.

How to Send Money Using Cash App

To send money using Cash App, follow these steps:

Open the Cash App on your phone.
Click on the “$” symbol in the bottom-center of the screen.
Enter the amount of money you want to send in the “Send” field.
Type the email address, phone number, or “$Cashtag” of the person you want to send money to in the “To” field. You can also select a recipient from your list of contacts by clicking on the “To” field and choosing from the list.
(Optional) Add a note to the payment by clicking on the “Add a note (optional)” field.
Review the payment details and click “Send” to complete the transaction.

NOTE: You may need to verify your identity and add a payment method, such as a debit card, to your Cash App account before you can send money.

How to Receive Money Using Cash App

To receive money using Cash App, follow these steps:

Open the Cash App on your phone.
Tap the “My Account” icon in the bottom-left corner of the screen.
Tap the “Cash” tab on the top of the screen.
You will see your Cash App balance displayed on the screen. To receive money, tap the “Receive” button in the bottom-right corner of the screen.
You will be given the option to either request money from someone or to share your Cash App link with someone. To request money, tap the “Request” button and enter the amount you want to request. To share your link, tap the “Share” button and choose how you want to share your link (e.g., via text message, email, or social media).
If you are requesting money, the person you are requesting from will receive a notification and can choose to send you the money by following the prompts in their Cash App. If you are sharing your link, the person you are sharing it with can tap the link to open the Cash App and send you money.

NOTE: You will need to have a valid bank account linked to your Cash App account in order to receive money. You can link your bank account by going to the “My Account” tab and tapping the “Bank” option.

What is the Sending and Receiving Limit on Cash App?

The sending and receiving limits on Cash App vary depending on your account status and personal history with the app. There are also different limits for verified and unverified accounts.

For unverified accounts: The sending limit is $250 per week and the receiving limit is $1,000 per week. These limits may be increased if you provide additional information to verify your account.
For verified accounts: The sending limit is $7,500 per week and the receiving limit is unlimited. To verify your account, you’ll need to provide your full name, date of birth, and the last four digits of your social security number.

It’s important to note that these limits may change over time and may be different for users in certain countries. Additionally, Cash App may place temporary holds on your account for various reasons, such as if you’re sending a high volume of payments or if there are any issues with your account.

Benefits of Cash App

Cash App offers a number of benefits to its users, including:

No fees on basic services: Cash App does not charge any fees for monthly service, sending or receiving money, inactivity, or foreign transactions.
Free debit card option: The Cash Card is a debit card that is linked to your Cash App account. It is issued by Sutton Bank and can be used to make purchases and withdraw money from your Cash App account. The card is not connected to a personal bank account or other debit card.
Free ATM withdrawals with direct deposit: If you set up direct deposit on your Cash App account, you can make free ATM withdrawals with your Cash Card. Otherwise, there is a $2 fee to use an ATM with the card.
“Cash boosts” for discounts: Cash App users with the Cash Card can choose a “boost” on their account that offers a discount on purchases with a specific vendor. Only one boost can be active at a time, but users can swap boosts as often as they want.
Referral bonus: If you invite friends to join Cash App using your referral code, you will receive a $5 cash bonus for each friend who signs up.
Stock investment: Cash App allows users to invest in specific companies by buying stock with the funds in their Cash App account. If you don’t have enough funds in the app, the remaining amount will be taken from your linked bank account.
Bitcoin compatibility: Cash App users can buy and sell bitcoin, but Cash App will charge a service fee for each transaction, as well as an additional fee based on market activity and price volatility across U.S. exchanges.

Conclusion

Cash App is a convenient and secure way to send and receive money. It is easy to set up and use, and offers a variety of features such as the ability to pay bills and purchase stocks. Whether you need to send money to a friend or family member, or receive payment for goods or services, the Cash App is a great tool to have in your financial arsenal. It is important to remember to always use caution when sending or receiving money online, and to protect your personal and financial information by following best practices such as using strong passwords and enabling two-factor authentication.

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FINTECH

Kazang Pay launches card acquiring service in Zambia

Published

2 months ago

Christopher

Kazang (www.Kazang.com), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

Kazang Pay launches card acquiring service in Zambia

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

Distributed by APO Group on behalf of Kazang.

ABOUT KAZANG:
Kazang (www.Kazang.com) is a leading provider of cash and digital solutions to merchants in Southern Africa’s informal economies. Our fintech solutions include a diverse range of value-added services (VAS), card acquiring, secure cash vaults and supplier payments platforms. Operating with a network of approximately 90,000 active devices, we process approximately 2.2 million transactions daily in markets such as South Africa, Namibia, Botswana, and Zambia.

We are dedicated to helping small and medium merchants grow and succeed, through increasing their sales, making their businesses more efficient and reducing their risks with its holistic portfolio of products and services. Kazang is a member of Lesaka Technologies (https://LesakaTech.com).

ABOUT LESAKA TECHNOLOGIES, INC:
The Connect Group and Kazang was acquired by Lesaka Technologies, Inc. in April 2022. Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.LesakaTech.com for additional information about Lesaka Technologies (Lesaka ™). $LSK / $LSAK

Bitcoin

Binance expands crypto access in West and Central Africa with mobile money integration

Published

2 months ago

Christopher

Binance expands crypto access in West and Central Africa with mobile money integration

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions

Binance (www.Binance.com), the world’s leading blockchain and cryptocurrency infrastructure provider continues to drive innovation and expand access to cryptocurrency in Africa, now allowing users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal to purchase crypto directly through mobile money payments enabled through local partnerships.

This new functionality further strengthens Binance’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Samantha Fuller, Spokeswoman for Binance says “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy”.

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.

How to buy crypto:

Log in to your Binance app and select [Add Funds] from the homepage.
Choose your local fiat currency you wish to use by selecting the currency in the top-right column.
Follow the instructions to complete your crypto purchase.
Distributed by APO Group on behalf of Binance.

About Binance:
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more. For more information, visit: https://www.Binance.com

Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser before investing. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

BANKING

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Published

12 months ago

softchris4ol

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

THE HISTORY ABOUT FINANCIAL ANALYSIS

Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.

MEANING

Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.

FUNDAMENTALS OF FINANCIAL ANALYSIS IN A COUNTRY

Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.

SIGNIFICANCE OF FINANCIAL ANALYSIS IN A COUNTRY

Financial analysis plays a vital role across various sectors, serving the following purposes:

Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.

CONCLUSION

Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.