What happened
Cash App introduced an AI assistant, designed to answer users' financial questions, aiding navigation of app functionalities and understanding of transactions. Concurrently, Cash App launched a map feature, enabling users to locate businesses accepting Bitcoin. This expands the platform's utility for digital currency transactions and alters how users access financial information and cryptocurrency merchant locations.
Why it matters
The introduction of an AI assistant for financial queries increases exposure for compliance and data privacy teams to less visible processing of personal financial data, creating a visibility gap regarding AI interaction with sensitive user information. Concurrently, the Bitcoin merchant map raises due diligence requirements for platform operators and compliance regarding the aggregation and use of user location data in conjunction with cryptocurrency merchant interactions, introducing an oversight burden for data governance.
