What is Block's role in the digital payments transformation?
Block sits on both sides of the shift: Square digitizes payments for sellers and Cash App moves consumers' money into an app. In 2025 more than 4.5 million sellers used Square to make 5.9 billion sales transactions totaling $250 billion of Square gross payment volume, up from more than 4 million sellers, 5.2 billion transactions and $228 billion in 2024. Cash App had 59 million monthly transacting actives in December 2025, who brought $316 billion of inflows into the app in 2025, against $283 billion in 2024. In the second quarter of 2026 Square GPV was $72.8 billion, up 13%, with international GPV up 28%; Cash App Commerce Enablement volume reached $56.5 billion, up 17%, and consumer lending originations $18.9 billion, up 59%. The forms of payment are multiplying: Cash App Card, Cash App Pay (announced for Uber and Uber Eats in the U.S. in April 2026), Afterpay buy now, pay later in the U.S., Australia, Canada, New Zealand and the U.K., bitcoin over the Lightning Network on Square from October 2025, USDC stablecoins in Cash App from Q2 2026, and NFC Cash App Tags. AI sits underneath as the risk layer: Square automates risk assessment for more than 99.95% of transactions.[1][2][3][4][5][6]
Data as of Oct 19, 2026 · Block profile updated Oct 19, 2026 · 14 sources cited on this page · 52 fintechs profiled on this site · Markdown
How much does Block process, and how fast is it growing?
From Block's 10-K filings and quarterly shareholder letters (8-K Exhibit 99.1). Block reports gross profit as its headline measure; volume figures are as Block defines them.
| Metric | Value | Period |
|---|---|---|
| Gross payment volume (Square GPV plus Cash App GPV) | $259,631 million (2025); $240,812 million (2024); $227,699 million (2023) | 2023–2025[1] |
| Square sellers, sales and GPV | More than 4.5 million sellers, 5.9 billion transactions, $250 billion of Square GPV (2025); more than 4 million sellers, 5.2 billion transactions, $228 billion (2024) | 2024–2025[1][2] |
| Square GPV, Q2 2026 | $72.8 billion, up 13%; U.S. GPV up 9.8% and 78% of the total; international GPV up 28% (25% in constant currency) | Q2 2026[3] |
| Cash App monthly transacting actives | 57 million (December 2024); 59 million (December 2025); 59 million (June 2026) | 2024–2026[2][1][3] |
| Cash App inflows | $283 billion (2024); $316 billion (2025); $87 billion in Q2 2026, up 13% | 2024–2026[2][1][3] |
| Cash App Commerce Enablement volume (Cash App Card, Cash App Pay, BNPL, Cash App Business) | $48.3 billion (Q2 2025); $56.5 billion, up 17% (Q2 2026) | Q2 2025–Q2 2026[3] |
| BNPL gross merchandise value | $9.70 billion, up 17% (18% in constant currency) | Q3 2025[7] |
| Consumer lending originations (Borrow and BNPL) | $18.9 billion, up 59% | Q2 2026[3] |
| Primary banking actives | 9.4 million, up 17% | June 2026[3] |
| Gross profit | $10.4 billion, up 17% (2025); $3.17 billion, up 25% (Q2 2026) | 2025–Q2 2026[1][3] |
Which new ways to pay is Block pushing?
| Shift | What Block reports | Date |
|---|---|---|
| Cash App Pay | Volume grew 2x year over year in Q2 2025; to become available on Uber and Uber Eats in the U.S. (announced April 2026); growth driven partly by enterprise partners such as Instacart and Uber (Q2 2026) | 2025–2026[8][4][3] |
| Tap to Pay on iPhone | Launched for Cash App Business sellers, powered by Square; beta sellers using it saw an approximately 35% increase in GPV | Q2 2025[8] |
| BNPL on the debit card | Afterpay on Cash App Card generally available June 2, 2026, with a flat 7.5% finance fee and six-week repayment; BNPL transactions were 17% of Afterpay Pre-Purchase enabled card spend in June 2026 | 2026[9][3] |
| Post-purchase BNPL | Over $2 billion in annualized post-purchase originations at the end of July 2025 and over $3 billion in early October 2025 | 2025[7] |
| Bitcoin at the point of sale | Square Bitcoin lets sellers accept bitcoin with no processing fees for the first year and auto-convert card sales; the 10-K says sellers accept bitcoin payments via the Lightning Network | October 8, 2025[5][1] |
| Bitcoin rails for dollar payments | Eligible Cash App customers can pay a Lightning QR code from their USD balance without holding bitcoin | November 13, 2025[10] |
| Stablecoins | USDC launched in Cash App across numerous blockchains, with USDC and dollar balances interchangeable | Q2 2026[3] |
| NFC wearables | Cash App Tags, NFC accessories linked to the Cash App Card, launched June 4, 2026; more than 3 million requests to be notified of future drops with zero paid marketing | 2026[6][3] |
| Local commerce network | Neighborhoods reached sellers representing $1 billion in annualized GPV in June 2026, up over 220% from March | June 2026[3] |
Which rails and licences does Block run on, and where does AI come in?
Block is licensed as an electronic money institution by the U.K. Financial Conduct Authority and in the EU by the Central Bank of Ireland, and holds an Australian Financial Services License from ASIC for non-cash payments, per the FY2025 10-K; BNPL is offered in the U.S., Australia, Canada, New Zealand and the U.K.[1]
Its own bank is moving into payments: Square Financial Services, the Utah industrial bank, processed its first Square acquiring transaction in June 2026, and Block expects to shift more Square and Cash App acquiring volume to it over the coming years.[3]
AI is the safety layer on instant money movement. Cash App's systems analyze every P2P payment in real time, using AI and machine learning across hundreds of risk factors, and Square automates risk assessment for more than 99.95% of transactions. The AI products are on the companion page.[11][1]
What is not disclosed: stablecoin and bitcoin payment volumes, Cash App Pay's dollar volume, Cash App peer-to-peer volume after the $218 billion trailing-twelve-month figure in the Q2 2025 letter, and orders placed through AI channels.[3][8][12]
What does the Block profile record on this topic?
The rows below are the entries of the Block AI strategy profile that bear on this page, as of Oct 19, 2026; the profile holds the full record of 12 dated moves, 7 use cases and 14 sources.
| Use case | What the record shows | Status | Source |
|---|---|---|---|
| Machine-learning risk assessment | Block says rapid fraud detection is a machine-learning problem it has run in production at scale for over fifteen years; its 10-K says Square automates risk assessment for more than 99.95% of all transactions. | In production | [3][1] |
| Machine-learning underwriting | Block names loan underwriting among the machine-learning problems it has solved at scale for over fifteen years; Cash App consumer lending originated $18.9 billion in Q2 2026, driven by Cash App Borrow. | In production | [3] |
| Date | Move | Detail | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 2026: Moneybot passes 1 million weekly engaged accounts | Block reported gross profit of $3.17 billion (up 25%), said Moneybot was generally available with over 1 million weekly engaged accounts, and said agentic AI helped write and review nearly all production code changes in June. | [3] |
| Jul 8, 2026 | $45 million multistate settlement over Cash App fraud | A multistate group of attorneys general announced a $45 million settlement resolving allegations that Block failed to protect Cash App users from fraud and did not provide the fraud protection and resolution it promised; it requires antifraud measures and customer support. | [13] |
| Apr 10, 2025 | New York DFS fines Block $40 million over AML failures | DFS found gaps in Cash App's BSA/AML program, including inadequate customer due diligence and failure to effectively and timely monitor transactions, and required Block to retain an independent monitor. | [14] |
How much payment volume does Square process?
More than 4.5 million sellers used Square in 2025 to make 5.9 billion sales transactions totaling $250 billion of Square gross payment volume, up from $228 billion in 2024, per Block's 10-K filings. In the second quarter of 2026 Square GPV was $72.8 billion, up 13%, with international volume growing 28%.
How many people use Cash App?
Cash App had 59 million monthly transacting actives in December 2025 and again in June 2026, up from 57 million in December 2024. Those actives brought $316 billion of inflows into Cash App in 2025, and 9.4 million were primary banking actives in June 2026, up 17% year over year.
Does Square accept bitcoin and stablecoins?
Square sellers can accept bitcoin through Square Bitcoin, launched October 8, 2025, with no processing fees for the first year, over the Lightning Network. Cash App launched USDC stablecoins in the second quarter of 2026, with USDC and dollar balances interchangeable in the app. Block does not report the volumes.
Where is Afterpay available?
Block offers its BNPL products in the United States, Australia, Canada, New Zealand and the United Kingdom, per its FY2025 10-K. In the U.S., Afterpay on Cash App Card became generally available on June 2, 2026, letting eligible customers pay over time anywhere the card is accepted for a flat 7.5% fee.
Does Block have its own bank?
Yes. Square Financial Services is a Utah industrial bank owned by Block. It makes Square Loans and Cash App Borrow loans, offers savings to sellers, and in June 2026 processed its first Square acquiring transaction; Block expects to shift more acquiring volume to it.
- Block, Inc. Annual Report 2025 (Form 10-K)
- Block, Inc. Form 10-K for the fiscal year ended December 31, 2024
- Q2 2026 Shareholder Letter (Exhibit 99.1 to Form 8-K)
- Uber and Block Expand Global Partnership to Transform Restaurant Operations and Launch Cash App Pay
- Square Brings Bitcoin to Main Street with First Integrated Payments and Wallet Solution for Local Businesses
- Introducing Cash App Tags: A New Way to Pay
- Q3 2025 Shareholder Letter (Exhibit 99.1 to Form 8-K)
- Q2 2025 Shareholder Letter (Exhibit 99.1 to Form 8-K)
- As BNPL Goes Mainstream, Cash App and Afterpay Brings Pay-Over-Time to Every Purchase, Where Visa is Accepted
- Introducing Cash App Releases: See What's New
- Cash App's Payment Warnings Feature Helped Prevent Over $2 Billion in Scams
- Square Introduces New ChatGPT and Claude Integrations, Helping Sellers Reach Customers Through AI-Powered Discovery
- Attorney General Phil Weiser announces $45M nationwide settlement with Block, Inc. over deceptive practices on Cash App
- Superintendent Adrienne A. Harris Secures $40 Million Settlement with Block, Inc. for Inadequate Anti-Money Laundering Program and Virtual Currency Compliance Failures on Cash App Platform
When Block moves on AI, you'll read it here first.
when a bank, fintech or regulator moves on AI, it is in the next morning's brief · six sourced stories · 7 am PT · free
plus every regulation, bank and agent page update, the morning after · leave any morning