Cash App Adds to Tag Collection with Nahmias Bandana – Digital Transactions
Cash App, the peer-to-peer and financial services app from Block Inc., will make its first Cash App Tag embedded in a piece of clothing available Nov. 17.
Cash App Tags debuted in June with a wand and now includes heart- and mini-card shaped devices. The tags are NFC-enabled, physical payment accessories that let consumers pay without having to use a phone or card.
The new bandana, a limited edition from Nahmias, a luxury fashion brand, will sell for $85 and will be available in red and blue designs. The NFC tag is embedded behind a Cash App label near the Nahmias label. The square 25.6-inch bandana must be hand-washed and air-dried. Other tags, such as the wand, sell for between $30 and $35.
Cash App Tags are seen as a way to offer users more ways to engage with Cash App without having to open the app or retrieve a card from a wallet. Though Block will not disclose how many Cash App Tag devices have been sold, each launch sells out within hours, Block says in its second-quarter shareholder letter. When the Wand had a 10,000-unit restock the supply was sold out in 30 minutes with no social media promotion.
Consumers entered more than 3 million requests to be notified of future Cash App Tag releases, Block says.
The devices appear to doing their job of maintaining engagement with Cash App users. Block, in its third-quarter shareholder letter, says customers who ordered a tag before September spent more in the month after their order than in the month before, with the largest increase among previously less-active Cash App users.
At launch in June, Block indicated collaborations were in the works. The Nahmias partnership is the first branded collaboration for Cash App Tag. Consumers need a Cash App Card to purchase the bandana, though those without one can order a card at no cost in the app.
