Cash App debuts a new AI-powered assistant that answers questions about your money

The Cash App released a list of new features as part of its fall update, including a chatbot that can answer questions about users’ finances, a new benefits program, and the ability to discover places that accept Bitcoin payments and make Bitcoin payments using US dollars.

The company is launching an assistant called Moneybot that can answer questions about spending and income patterns, provide insights to maintain savings and allocate money to investments.

The chatbot will be available to a select group of users at launch, with wider availability planned over the coming months. Users can ask questions like, “Can you show me my monthly income, expenses, and spending patterns?” To get reports about their accounts. The bot also displays suggestions for actions like splitting a bill, checking your Bitcoin balance, or requesting money from someone.

“Today’s consumers are given a host of data about their financial transactions and account balances, but Moneybot takes it one step further by helping turn those insights into action,” Cameron Worboys, head of product design at Cash App, said in a statement. “No two financial journeys are the same, so we built Moneybot to learn each customer’s habits and tailor their suggestions in real time.”

Jack Dorsey-led Block, which owns Cash App and Square, is creating new ways to promote Bitcoin payments. Last month, it released an integrated Bitcoin solution for merchants to easily receive cryptocurrency in wallet. Customers can now discover places that accept Bitcoin through a new map and use US dollars to pay with the cryptocurrency without holding it. The company said it uses the Lightning Network, a second-layer payment network built on Bitcoin, to facilitate transactions via QR codes.

The company said it will also soon allow some customers to send and receive stablecoins through the app.

Block is also changing the benefits structure for Cash App customers. Previously, customers with direct deposits of at least $300 per month were eligible for benefits such as a 3.5% return. Now, the company is starting a new program called Cash App Green, where users who spend $500 or more a month through Cash App Card or Cash App Pay, or receive at least $300 in deposits, will qualify for the benefits.

These benefits will include a higher borrowing limit – up to $400 for first-time borrowers and an increase in the limit of up to $300 for others; Free overdraft coverage up to $200 for Cash App Card transactions; Free withdrawals from in-network ATMs; Up to 3.5% Annual Yield (APY) on savings balances; And five customized weekly offers in different stores.

This new program will make up to 8 million accounts eligible for benefits under the Cash App Green program, Block said.

The company also offers 3.5% APY for teen accounts without any balance limits. Other features in this release include expansion of the Cash App Borrow product to 48 states, and access to some Afterpay Buy Now Pay Later (BNPL) services and features within the Cash App app without requiring a separate login.