Block Expands Financial and Mobile Services in Post-Layoff Battle With Rivals

Block’s Cash App was built around money transfers, a debit card and a mobile wallet. It entered the buy now, pay later market through its roughly $29 billion acquisition of Afterpay, completed in 2022. As digital wallets gain wider adoption, Block faces competition from PayPal, Stripe and banks. Expanding lending and communications services is key to strengthening user engagement and increasing merchant penetration.

Block announced on February 26, 2026, that it would cut more than 4,000 jobs, reducing its workforce from about 10,000 to fewer than 6,000. On June 2, Cash App made Afterpay available to eligible debit card users, allowing them to pay in installments wherever Visa is accepted. On June 11, it began piloting Cash App Mobile, which uses AT&T’s network through Gigs. The service costs $40 a month, including taxes and fees, with no contract or credit check.