Investing.com -- Block Inc (NYSE:SQ) shares rose 1.9% Thursday amid the launch of Cash App Tags, NFC-enabled payment accessories that allow cardholders to make purchases without their phone or wallet.
The company released its first model, the Cash App Wand, available for $25 plus applicable sales tax to Cash App Card holders while supplies last. The pearlescent accessory features a keychain design and enables tap-to-pay transactions in under a second at locations where Visa tap to pay is accepted.
Cash App Tags are linked to the Cash App Visa Card and function as an alternative payment method to physical cards and digital wallets. The devices include security features such as real-time transaction alerts, 24/7 fraud monitoring, and the ability to lock or unlock the Tag through the app.
"While digital wallets are invisible and physical cards are often buried in wallets, Cash App Tags are just the opposite," said Thomas Templeton, Hardware Lead at Block. "We see a unique opportunity here to make payments visible and social for the first time."
The company stated that one in five American teens currently have the Cash App Card. Block plans to release additional Cash App Tag designs in limited runs over the coming weeks before general availability later this summer.
The Tags are available to eligible customers ages 13 and up who have an active Cash App Card. Users must activate their Tag through the Cash App mobile application by linking it to their existing Cash App Card.
Block indicated that future form factors could include clothing and jewelry, though no specific timeline was provided for additional product categories.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
The fastest way to find out is with our Fair Value calculator. We use a mix of 17 proven industry valuation models for maximum accuracy. Get the bottom line for XYZ plus thousands of other stocks and find your next hidden gem with massive upside.