Bryan Keane: Great. Thanks for the color.
Operator: We’ll take our next question from James Faucette with Morgan Stanley.
James Faucette: Thank you so much. I wanted to follow-up on kind of Cash App and the intention to grow there and provide more of banking-type services per the letter, et cetera. How do you think about like the life cycle of a typical customer, a, that you’re onboarding, and clearly you’re able to deliver peer-to-peer, and that seems like the easiest first thing, but then bank card or debit card, but — and you’ve got some other products. But walk us through like how you think about the evolution of other products that those customers need and how to evolve with them, and as particularly as they increase their own spending capacity?
Jack Dorsey: Yeah. So, as I said in the letter, Cash App is interesting. It sits at this intersection of three very distinct use cases, which are financial services, community-based transactions, which is effectively peer-to-peer, as you mentioned, and commerce. And our approach is ultimately to bring these three together in a very seamless way, define an entirely new product category which reinvents banking for customers. So, a lot of — what we started obviously was peer-to-peer and it has inherent network effects and that you’re receiving money from friends and sending money to families. So, it is inherently social and inherently has this incredible word of mouth factor. But as you get into it, as you receive money and you see that you can also get a card, that you can use that card in ATM, that you can invest in Bitcoin or stocks, you start seeing it more and more as a bigger part of your financial spend, in your financial activity and financial life.
And our goal now, as we mentioned, is to win more of a banking use case relationship with our existing customers. And what that means is ultimately getting to direct deposit and winning a majority of their direct deposit, because that really indicates that they’re seeing this as a financial home for them and they’re able to use it in entirely new ways that they weren’t be able to in the past. So everything that we’ve built, again, goes back to this concept of an ecosystem where these tools positively reinforce one another, either through new use cases or through retention or through entirely new features that they can’t find elsewhere, and that helps not only drive new customers but also helps us keep them. I think that as I said before earlier in this call, I think the one that we’re really excited about because it is fundamentally new to us is around commerce.
And as we really deliver against these three financial services, community-based, peer-to-peer transactions and commerce, we have something that I believe is very, very powerful and very unique in the world and continues to build on our strengths, and lends itself to add strength to our other ecosystems, most notably Square.
Amrita Ahuja: And I’ll just add, James, as we see customers taking on more products within our ecosystem, within Cash App, we see a multiplier effect on the amount of inflows that they bring into Cash App. Whether they start as peer-to-peer and then they take on a Cash App Card, maybe they participate on our free stock investing program or Bitcoin investing, and then eventually getting them to direct deposit their paycheck, which is a significant opportunity from a primary banking relationship standpoint. And that’s been a big driver of the growth that we’ve seen in inflows per transacting active over time as we bring customers greater awareness around the broader set of financial services and commerce products across the ecosystem.
What we saw in the third quarter was continued to drive growth in these newer inflow channels. Customers received more than $8 billion in direct deposits into their Cash App accounts in the third quarter, and more than $2 billion of paper money deposits in the third quarter. Both grew approximately 40% year-over-year, which is nearly 2 times as fast as the growth of overall inflows into Cash App. So obviously, more opportunity for us to do here as we see the direct deposit attached still in that sort of 10% range to Cash App Card monthly actives through September, although we’ve obviously continued to grow our Cash App Card attached through this period of time, we think we have an opportunity to improve both attach rates to Cash App Card as well as direct deposit and this broadening ecosystem of financial services products for Cash App.
James Faucette: Thanks a lot. Appreciate it.
Operator: We’ll take our next question from Dan Dolev with Mizuho.
Dan Dolev: Hey, guys. Thanks for taking my question. Maybe more for Jack. I think that the Analyst Day and, obviously, you’re very prominent talking about Bitcoin. Bitcoin is now having a renaissance. What is kind of the role of Bitcoin right now in terms of your vision of connecting the ecosystem, the holy grail, and specifically the Cash App? I’m really interested in hearing your views on that. Thank you.
Jack Dorsey: The reason we have a focus on Bitcoin is because we believe the internet will have a native currency. We believe the internet needs a native currency to enable micro payments globally. And we started very simply by providing an exchange for people to buy and sell Bitcoin. But ultimately over time, we do believe there’s a significant market and significant opportunity and remittance using Bitcoin. And that’s exactly what TBD is focused on. Not only is it a really incredible business that’s quite large, but it enables our other ecosystems, Square and Cash App, to move much faster globally as we build out that functionality and as we build out the primitives we’re working on for developers. So I do — I believe that Bitcoin will continue to increase in value, not just in monetary value, but in use case value to the world.
And I do believe that it will be a big part of the future of commerce. And since we have such an early lead and understanding on it, we’ll be set up for success. We always knew that this was going to be a long-term play and it still will be, but there’s no doubt that the internet will have a native currency and there’s no doubt right now that Bitcoin is the best candidate for them.
Amrita Ahuja: Now, I’ll just add, Dan, that — I’ll just add that, obviously, you’ve heard from us today an increasing focus on not only our aspirations and growth for the business, but also discipline in how we operate our business. And similarly, we’ll be disciplined around our Bitcoin initiatives, holding our emerging initiatives to a specific investment envelope and will track progress relative to those key milestones on a recurring basis.
Dan Dolev: Great. Really good results, and I love the long-term vision. Thank you.
Operator: We’ll take our next question from Jason Kupferberg with Bank of America.
