Square launched a rewards program for its Cash card yesterday called Cash Boost. Around noon Eastern time the company tweeted it would begin rolling the service out. By 5 PM it announced it had rolled out the service to 100% of its customers. This update, assuming it happened during that timespan, did not require an app update. (The iOS app store notes the last Square Cash update of “various improvements and bug fixes” was two days ago.)

Introducing Cash Boost! Pick a place or category and get instant cash back every time you use your Cash Card ☕???????? pic.twitter.com/zlmQ1vcUgg

— Cash App (@CashApp) May 1, 2018

The service offers cash back at places or in categories the cardholder chooses, such as $1 off coffee. Who might offer these rewards? Perhaps Square’s network of merchants. Square can benefit from more contact between its merchants and cardholders.

The move may also be designed to tempt Square Cash P2P users to become Square Cash cardholders, since users can earn swipe fees (dip fees?) with card use. Debit rewards may be inching back into favor after years of neglect — GoBank/Green Dot recently began offering rewards on its debit card for Uber drivers.

James Wester, research director, worldwide payment strategies at IDC, told Bank Innovation the move was “another indication that basic money movement services are difficult to differentiate and particularly so in the P2P space now that it has become so crowded. So the only way you can reach a point where network effects make your platform useful is to make it cheaper or add some value. You can’t make free cheaper, so you have to add value. And that’s where loyalty and rewards come in.”

P2P is itself outside of Square’s core business serving small to medium merchants, but the service has been adding features, including the much-discussed ability to buy and sell bitcoin, at a furious pace, in stark contrast to rival Venmo, a PayPal product.

Wester noted that this may be because Venmo and Square Cash are in different places. Venmo, he said, is “a product within a company that already has a niche, versus Square trying to carve out a slice of the small business market.” Since it’s beginnings, industry experts have questioned why Square Cash exists, outside of @jack‘s desire for a consumer-facing product.

Wester noted, “Eventually, having a network of Square Cash account holders who can be turned into customers through some kind of ‘one-click’ payment mechanism on Square terminals and website will be something they can leverage. But you have to get there first.”

Square reports earnings later today. (Citron Research, which shorted the stock recently, will be watching.) The company recently acquired the web-building service Weebly, presumably to serve its small-business customers, and build those sites Wester referred to above, where Square merchants can meet Square cardholders and make some magic happen.