The new feature allows eligible Cash App customers to convert recent P2P payments into short-term instalment plans.
Cash App has announced a new feature that lets customers convert peer-to-peer (P2P) money transfers into instalment plans, making it the first major US finance app to offer pay-over-time options for routine P2P transfers.
For expenses such as utilities, everyday purchases, or transfers to family, customers can spread the cost of P2P payments over time, providing an additional option for managing cash flow.
The feature allows eligible Cash App customers to convert recent P2P payments into short-term instalment plans, receiving the payment amount back into their balance for an upfront fee. Customers can then repay the amount in weekly instalments.
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Owen Jennings, Executive Officer and Head of Business, Block, said, “Many customers already use pay-over-time features within Cash App for card purchases, and this change extends that option to additional transaction types within the app.”
Jennings added, “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.”
The pay-over-time feature for Cash App’s P2P transfers was designed with a focus on transparency and simplicity and includes the following elements:
- A clear upfront fee with no hidden costs
- A short fixed term with no revolving balances and weekly repayment
- No compounding interest, offering predictability from day one
- Repayment options include weekly payments or a single payment by the due date
- Eligibility for P2P sends of $25 or more made within the last 30 days
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This launch follows Cash App’s retro pay-over-time product, introduced one year ago for debit card purchases, and reflects continued interest in instalment options beyond traditional merchant checkout settings.
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.
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