Cash App launches ‘buy now, pay later’ feature for P2P pay transfers
Cash App, the peer-to-peer fintech app owned by Jack Dorsey’s Block, has launched a new “pay-over-time” deferred payment feature that allows eligible users to pay for their everyday transfers over an extended period of time. Companies have increasingly offered deferred payments for relatively mundane and everyday purchases. About a year ago, DoorDash partnered with Klarna—allowing users to “micro-finance” their food orders (the partnership notably inspired a flurry of online jokes about “burrito debt” and late capitalism). Cash App’s new feature clearly builds on this trend—expanding flexible financing into the P2P payment realm. To take advantage of the new feature, users pay a 7.5% fee—meaning that, if you borrow $100 from Cash App, you’re going to…
