Opinion: Here's why Cash App shutting down chatter shouldn't bother you

Ever since Bob Lee, one of the founders of Cash App, passed on in early April 2023, there has been non-stop talk doing rounds on the interweb about the company possibly shutting down.

Lee was reportedly stabbed multiple times and later succumbed, fueling talks of Cash App potentially closing shop.

While some people will be waiting to bring up this conversation anytime Cash App develops a problem, I don’t think there’s any reason to let this talk get into your head.

So When They Suppose To Be Shutting Cash app Down For Good ?
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Now y’all making me scared to use cash app and I’m definitely not storing my money on there now if they shutting accounts down.
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As noted at the start, rumors of Cash App shutting down only emerged after Bob Lee passed on. If anything, his death was the conversation starter. But at no point has the company announced that it will be shutting down.

In fact, Lee reportedly left Square, the company behind Cash App, in 2014, and so he had nothing to do with the company’s management at the time of his death.

And then there are cases of people’s accounts being closed, which some think is happening because the company is closing business. But this isn’t true.

If anything, Cash App is only shutting down accounts that violate the terms of service, just like any other financial institution would do under similar circumstances.

If you’re affected, rest assured that this has nothing to do with Cash App going out of business. Getting in touch with support to find out why the account was taken down and what can be done is your best bet of getting it back.

Only PayPal and Apple Pay have a bigger market share in the US’ digital banking industry than Cash App’s 20%, this is according to recent data from Statista.

As of this writing, 53 million people depend on Cash App for their day-to-day financial transactions, with a projected growth to 63 million users in 2026.

Revenues are also steadying up after a turbulent end of 2021 (which can be pinned on COVID-19, just like everywhere else), suggesting Cash App is back on track, effectively quashing any talks of shutting down.

Heck, even the company’s valuation grew from $40B in 2020 to $138B in 2022, which further cements the fact that Cash App isn’t going anywhere anytime soon, especially not because one of the co-founders passed on.

With such a massive user base, even the tiniest of issues may leave hundreds of thousands stranded. In fact, this is exactly what happened recently with cases of delayed direct deposits.

Reports emerged from multiple Cash App users experiencing issues where direct deposits not only took longer than usual or were not appearing in the app. But in extreme cases, some of these transactions also failed.

These issues came after Cash App fixed another bug that saw people getting double charged. The company refunded those affected, but these incidences seem to have re-ignited the chatter around Cash App shutting down.

However, this is possibly just a small section of vexed Cash App users trying to direct their anger at something. Also, it’s worth noting that Cash App isn’t the only payment platform that goes through these types of issues.

PayPal has them. Venmo too. And so does Google Pay. They are universal, and they have nothing to do with Cash App shutting down, so you shouldn’t really be bothered by any of this chatter in and around your circles.

Featured image: Cash App

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