# Block (Square, Cash App): Digital payments transformation

Source: https://www.bankingnewsai.com/fintech/block/digital-payments-transformation
Last updated: Oct 19, 2026

*Part of the [Block (Square, Cash App) AI strategy profile](https://www.bankingnewsai.com/fintech/block).*

## 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. ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm), [Square](https://squareup.com/us/en/press/uber-eats-partnership), [Square](https://squareup.com/us/en/press/square-bitcoin), [Block Investor Relations](https://investors.block.xyz/investor-news/news-details/2026/Introducing-Cash-App-Tags1-A-New-Way-to-Pay))

## 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 | Sources |
| --- | --- | --- | --- |
| Gross payment volume (Square GPV plus Cash App GPV) | $259,631 million (2025); $240,812 million (2024); $227,699 million (2023) | 2023–2025 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm) |
| 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 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm) |
| 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 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| Cash App monthly transacting actives | 57 million (December 2024); 59 million (December 2025); 59 million (June 2026) | 2024–2026 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| Cash App inflows | $283 billion (2024); $316 billion (2025); $87 billion in Q2 2026, up 13% | 2024–2026 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| 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 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| BNPL gross merchandise value | $9.70 billion, up 17% (18% in constant currency) | Q3 2025 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000119312525269715/d48712dex991.htm) |
| Consumer lending originations (Borrow and BNPL) | $18.9 billion, up 59% | Q2 2026 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| Primary banking actives | 9.4 million, up 17% | June 2026 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| Gross profit | $10.4 billion, up 17% (2025); $3.17 billion, up 25% (Q2 2026) | 2025–Q2 2026 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |

## Which new ways to pay is Block pushing?

| Shift | What Block reports | Date | Sources |
| --- | --- | --- | --- |
| 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 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000119312525175456/d942331dex991.htm), [Square](https://squareup.com/us/en/press/uber-eats-partnership), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| 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 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000119312525175456/d942331dex991.htm) |
| 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 | [Block Investor Relations](https://investors.block.xyz/investor-news/news-details/2026/As-BNPL-Goes-Mainstream-Cash-App-and-Afterpay-Brings-Pay-Over-Time-to-Every-Purchase-Where-Visa-is-Accepted), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| 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 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000119312525269715/d48712dex991.htm) |
| 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 | [Square](https://squareup.com/us/en/press/square-bitcoin), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm) |
| 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 | [Block Investor Relations](https://investors.block.xyz/investor-news/news-details/2025/Introducing-Cash-App-Releases-See-Whats-New) |
| Stablecoins | USDC launched in Cash App across numerous blockchains, with USDC and dollar balances interchangeable | Q2 2026 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| 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 | [Block Investor Relations](https://investors.block.xyz/investor-news/news-details/2026/Introducing-Cash-App-Tags1-A-New-Way-to-Pay), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| Local commerce network | Neighborhoods reached sellers representing $1 billion in annualized GPV in June 2026, up over 220% from March | June 2026 | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |

## 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. ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm))

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. ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm))

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. ([Block](https://block.xyz/inside/cash-app-s-payment-warnings-feature-helped-prevent-over-usd2-billion-in-scams), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm))

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. ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1512673/000119312525175456/d942331dex991.htm), [Block](https://block.xyz/inside/square-introduces-new-chatgpt-and-claude-integrations-helping-sellers-reach-customers-through-ai-powered-discovery))

## What does the Block profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| 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. | [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm) |
| 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. | [Colorado Attorney General](https://coag.gov/press-releases/attorney-general-phil-weiser-announces-45m-nationwide-settlement-with-block-inc-over-deceptive-practices-on-cash-app/) |
| 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. | [New York State Department of Financial Services](https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202504101) |

## Common questions

### 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.
## Deeper on Block

- [How does Block use AI across its payment ecosystem?](https://www.bankingnewsai.com/fintech/block/payment-ecosystem-ai)
- [How does Block use AI and machine learning in credit decisions?](https://www.bankingnewsai.com/fintech/block/credit-decisioning-ai)

## Same question, other companies

- [Revolut: digital payments transformation](https://www.bankingnewsai.com/fintech/revolut/digital-payments-transformation)
- [Chime: digital payments transformation](https://www.bankingnewsai.com/fintech/chime/digital-payments-transformation)
- [Affirm: digital payments transformation](https://www.bankingnewsai.com/fintech/affirm/digital-payments-transformation)
- [Klarna: digital payments transformation](https://www.bankingnewsai.com/fintech/klarna/digital-payments-transformation)
- [PayPal: digital payments transformation](https://www.bankingnewsai.com/fintech/paypal/digital-payments-transformation)
- [Stripe: digital payments transformation](https://www.bankingnewsai.com/fintech/stripe/digital-payments-transformation)
- [Adyen: digital payments transformation](https://www.bankingnewsai.com/fintech/adyen/digital-payments-transformation)
- [Visa: digital payments transformation](https://www.bankingnewsai.com/fintech/visa/digital-payments-transformation)
- [Mastercard: digital payments transformation](https://www.bankingnewsai.com/fintech/mastercard/digital-payments-transformation)
- [Ramp: digital payments transformation](https://www.bankingnewsai.com/fintech/ramp/digital-payments-transformation)
- [Plaid: digital payments transformation](https://www.bankingnewsai.com/fintech/plaid/digital-payments-transformation)
- [Amex: What is American Express's role in the digital payments transformation?](https://www.bankingnewsai.com/banks/american-express/digital-payments-transformation)


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