Block, Inc. (NYSE:SQ) Q3 2023 Earnings Call Transcript

So — and along with greater utility around obviously peer-to-peer within the broader ecosystem of Cash App, the ability to deposit paper money deposits, the ability to receive your direct deposit, the ability to extract money through an ATM, the ability to invest money, the ability now to save money within Cash App. And all of these provide a greater utility for — a lot of these inflows that are staying within the Cash App ecosystem are moving throughout the Cash App ecosystem. Now what we’ve seen historically when we look outside at other countries where instant rails are available, for instance, in the UK where Square also has an Instant Transfer product, as the attach rate in those areas for that product continue to be strong, and generally about as strong as what we see in the U.S., meaning that people are willing to pay for seamless integrated product experiences that provide them with value.

So obviously this is one that we’ll continue to watch, but even pleased with the continued growth of Instant Deposit, but even more pleased with the growth of the other products across Cash App.

Andrew Jeffrey: Appreciate that. Thank you.

Operator: Thank you. And that does conclude Block’s third quarter earnings call. Thank you for your participation.