With the ability to pay and receive payments from the comforts of your mobile phone, online payment services Venmo and CashApp want to help stimulate the quickness of receiving the stimulus checks the government has just authorized, according to CNN.
The services want to be considered for use in getting the payments to the people just as quick or even quicker than direct deposit. To gain support, they’ve taken their campaign public in trying to convince the U.S. Treasury Department to help deliver the stimulus payments directly to Americans. The $2 trillion stimulus package is designated to assist in alleviating economic hardships that the coronavirus pandemic has placed on millions of U.S. citizens. The plan is to help workers, businesses, and hospitals that have been affected by the COVID-19 outbreak.
Jack Dorsey, the founder and CEO of Square, which owns CashApp, tweeted to the general public while appealing to the government last week.
People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help. https://t.co/mVrpOpbp0b
— jack (@jack) March 26, 2020
The IRS has already stated that there is no sign-up needed to get the stimulus money. They will rely on information from people’s 2019 and 2018 tax returns. They also intend to use the Social Security benefit statements as a backstop and will use whatever bank account or address is in their files.
Private talks with staff from Square and PayPal, which owns Venmo, have taken place with the Treasury Department over the past several weeks, two sources from the electronic payment industry who are familiar with the discussions, told CNN Business.
“They [the US government] know they need to get this money out the door quickly so I think they are open to quicker methods,” one of the sources told CNN Business on Friday. “Last time they were doing this was 2008 and 2009 and the technology didn’t exist as it does today,” they added.
The source said the talks were still at the beginning stages. “We are at the point now of looking into the technical challenges and what data the government could share with a third party. I think Treasury is very open to it,” they added.
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