Square’s Cash App has reportedly rolled out a US clients-focused feature, who do not conduct tax return filing on a regular basis, to reroute all government stimulus payments in the future towards its mobile app.
Specifically, the development was publicly introduced, following an unsuccessful attempt from the firm to ask the US Treasury for authorization of distribution the stimulus funds, for different groups of the US population.
In only a matter of hours, following the official authorization from the IRS, regarding the distribution of stimulus funds to citizens who do not conduct tax returns filing, Square has made it possible for payments issued under Coronavirus Aid, Relief, and Economic Security (CARES) Act to be rerouted straight to their Cash App balance.
The app will reportedly offer a feature that helps “routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance”, as revealed via the firm’s website.
Square has also opened up an online portal, particularly targeting non-tax paying users, to simplify the payment request process to their Cash App account from the IRS. A portal of the same kind will also be released on April 17th for taxpayers to request that the payment is made to their Cash App balance.
Square has reportedly experienced an upsurge, regarding Bitcoin (BTC) engagement, via its Cash App, during the current situation across the globe.