If you"re based in the UK and use Block"s Cash App, you"d better start looking around for a new way to pay and receive money. The service will be leaving the UK in a couple of months, specifically on September 15.
For those unaware, Cash App is a mobile application that lets you easily send money to others. It was launched by Block, then called Square, as Square Cash in 2013 to compete with PayPal.
In a statement obtained by Tech.eu, Cash App said that this decision has not been made lightly and that it understands the negative impact it"ll have on customers, partners, and the team members responsible for delivering the service in the UK.
The statement continues to explain that the company has outlined its strategic approach for the app in recent months and has decided to solely focus its efforts on the domestic United States market over global expansion.
It"s unclear from the statement why Cash App changed its mind about operating outside the US. Still, ever since interest rates rose to control inflation a few years ago, businesses around the world have been forced to cut back and focus their efforts on solid products and services.
Cash App"s retreat could have something to do with this. If so, perhaps it will attempt another global expansion in the future. In the meantime, UK Cash App users need to ensure they don"t have any funds on Cash App. If you use Cash App, it"d also be a good idea to start seeking out alternative solutions such as PayPal.
If you use Cash App and have been affected by this decision, we would be interested in hearing from you in the comments. Let us know which service you plan to switch to as a replacement.
Source: Tech.eu - Image via Depositphotos.com