Jack Dorsey has flagged adding social media to Block’s Cash App as it looks to use Afterpay’s retailer referral service to become a “contextual commerce” platform that alerts people to buy things from retailers close to where they are.
Block is absorbing growing losses at Afterpay, which it bought last August in a $39 billion deal. The acquisition pushed Block’s net loss for the quarter to $US204 million , compared to a $US39 million profit at first quarter last year, after it took on $US139 million of Afterpay expenses including payments to staff.
“We are just getting started integrating Afterpay into Cash App,” he said, while admitting the integration of Afterpay into Square had been distracting. Block will hold a virtual investor day on May 18 where it will provide more detail on how Afterpay will link Cash App with its network of merchants using its sale terminals and software.