Block CFO Amrita Ahuja on Friday told CNBC's Jim Cramer about her company's Cash App services.
Block CFO Amrita Ahuja on Friday told CNBC's Jim Cramer that the company's Cash App payment services are doing well with the younger generation of consumers.The Cash App card, a free Visa debit card, is especially popular with young people, Ahuja said. She explained how Cash App is able to reach the younger generation, citing a"We have a families offering that is really unique because this is a population that's pretty underserved, and we get to grow with them," Ahuja said.
Formerly known as Square, Block is a financial services outfit that operates payment and point-of-sale products. Cash App, which brought in a large chunk of the company's revenue last quarter, has a variety of payment offerings and also lets users buy stocks and bitcoin. Block also owns Afterpay, a buy now, pay later company. Ahuja discussed integrating Afterpay services within Cash App, saying it's "an incredible opportunity to bring commerce into Cash App."
"We had over 20 million consumers on an annual basis using Afterpay with increasing frequency," Ahuja said. "These younger customers, Jim, don't trust the negative debt spirals that you see from credit cards.
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