TLDR Tech / Crypto
Block's path to becoming a payment network
Block is assembling the pieces to become a full payment network rivaling Visa/Mastercard. It already has millions of Square merchants and 60M+ daily Cash App users, and its new "Neighborhoods" feature can route payments directly between Block-owned accounts via Cash App Pay, bypassing card networks and charging just 1% while still profiting. Future phases could extend Cash App Pay to non-Square merchants (leveraging fraud data from Cash App's user base) and eventually make it an official debit network accepting all cards, positioning Block as a genuine fifth payment network.
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