Cash App announced that consumers can use the Bitcoin map to find merchants and automatically convert USD for Bitcoin payments.

Jack Dorsey ('s Block Inc. (Square) has developed into a full-stack Bitcoin company, with businesses covering payments, Mining, Open Source software, and self-custody solutions. Cash App, developed by Block, is gradually reaching a larger consumer market. Recently, Cash App launched several major updates to make the use of Bitcoin )BTC( more convenient, further promoting the application of digital currency in the physical world. Cash App announced that merchant users do not need to have a Bitcoin account to accept Bitcoin payments; Cash App will automatically convert the dollar balance within the consumer's application into Bitcoin to pay the merchants. This feature is undoubtedly great news for merchants who have not yet delved deeply into Crypto Assets.

Automatically convert USD to Bitcoin for payment

Cash App's newly launched “Pay with Bitcoin using USD” feature breaks the limitations of traditional payments. This innovative technology allows users to make payments with Bitcoin even if they do not have a Bitcoin account. Specifically, when users make a payment, Cash App automatically converts their USD balance in the account to Bitcoin and pays the merchant directly. This innovation greatly lowers the barrier to entry for using Crypto Assets and eliminates conversion fees and cumbersome operations, allowing Bitcoin to integrate into a wider range of consumption scenarios.

For Cash App's 58 million monthly active users, they can not only easily make payments in USD, but also avoid the cumbersome fees or capital gains taxes associated with Crypto Assets. For merchants, this also means reduced high credit card processing fees, and since Bitcoin transactions do not require the intervention of intermediaries, all transactions can achieve instant settlement. These updates are part of Cash Releases, enabling payments in USD through the Lightning Network, as well as sending or receiving stablecoins.

Square merchants can also benefit

Square merchants can now directly accept Bitcoin payments through the Lightning Network without worrying about transaction fees or refund risks. This system operates without relying on third-party intermediaries, ensuring the immediacy and transparency of transactions. Merchants can choose different payment methods according to their needs, including various payment options such as USD to USD, Bitcoin to Bitcoin, Bitcoin to USD, and USD to Bitcoin, providing more flexibility for both merchants and customers.

The launch of this system will encourage more merchants to open Bitcoin payment channels, thereby reducing the transaction costs of using Bitcoin and prompting consumers to more actively choose Bitcoin as a means of payment.

Bitcoin Map: Easily Find Merchants that Support Bitcoin Payments

In addition to the upgrade of the payment function, Cash App has launched a new feature: the Bitcoin Map. This is a mapping tool designed specifically for Bitcoin enthusiasts, showing the locations of local merchants that support Bitcoin payments. Users can quickly locate nearby Bitcoin-accepting merchants through the map and make instant payments using the QR code generated by the Lightning Network. This feature will greatly enhance the usability of Bitcoin in daily life and further encourage merchants to join the ranks of Bitcoin payments.

According to data from Cash App, about 20% of Americans are willing to use Bitcoin for everyday transactions, and this rate may continue to grow as Bitcoin payment options become more popular. Cash App states that this series of core features will help consumers and merchants seamlessly transition to Bitcoin payments, further lowering the barriers to the use of digital currency.

Upcoming support for stablecoin features

In addition to the upgrade of Bitcoin payments, Cash App is also continuously expanding its digital currency application scenarios. In the coming months, Cash App will launch stablecoin support features. Stablecoins are digital currencies pegged to fiat currencies, maintaining a stable value and supporting near-instant transfers. The introduction of stablecoins will provide users with more stable and faster payment options, and Cash App will automatically convert the received stablecoins into USD, simplifying the user experience.

Miles Suter, the product lead for Bitcoin at Block, stated that the original intention of Bitcoin was to be a peer-to-peer cash, and Cash App is building the necessary tools to ensure it operates as intended: fast, open, and borderless. He also added that while stablecoins have improved some of the shortcomings of the traditional financial system to some extent, the ultimate goal is still to make Bitcoin a truly decentralized, open, and permissionless currency.

This article announces that Cash App allows consumers to use the Bitcoin map to find merchants and automatically convert USD for Bitcoin payments, first appearing in Chain News ABMedia.