Cash App announced today a first-of-its-kind feature that allows customers to convert peer-to-peer (P2P) money transfers into installment plans, becoming the first major U.S. finance app to bring pay-over-time flexibility to everyday money movement. Whether splitting utilities, covering everyday necessities, or sending money to family, customers can now spread the cost of P2P payments over time, giving them greater control over their cash flow when it matters most.
The new feature allows eligible Cash App customers to convert recent P2P payments into short-term installment plans, instantly receiving the payment amount back into their balance for a transparent upfront fee. Customers can then repay the amount in weekly installments.
“Millions of customers already use pay-over-time features within Cash App for card purchases, and this expansion builds on that existing behavior by extending a familiar experience to more transaction types within the app,” said Owen Jennings, Executive Officer and Head of Business, Block. “We’re delivering flexibility at every touchpoint where customers are sending and spending their money. We’re going to continue down this path to build products that meet our customers where they are, giving them flexible options that fit their everyday financial lives.”
Pay over time for Cash App’s P2P transfers was designed with transparency and simplicity at its core, featuring:
- A clear upfront fee with no hidden costs
- Short fixed term with no revolving balances and weekly repayment
- No compounding interest, offering predictability from day one
- Flexible repayment options: weekly payments or a single payment at the due date
- Eligibility for P2P sends of $25 or more made within the last 30 days1
“I thought [the pay over time for P2P product] was pretty awesome. If I send some money to somebody and then I ended up needing a little bit of it back, I can pull it back and borrow it pretty easy,” said Jeremy Estes from Little Rock, AR. Jeremy uses Cash App’s P2P pay over time product for recent personal payments such as bills and unexpected expenses.
This launch builds on the success of Cash App’s retro pay-over-time product introduced one year ago for debit card purchases, and reflects the growing demand for installment options beyond traditional merchant checkout experiences.
It also underscores Cash App’s continued investment in expanding financial flexibility for its 59 million monthly transacting actives, with recent innovations like universal paylinks helping customers pay and get paid in more ways.2
