According to a research data from Sensor Tower and Nomura Instinet firm, downloads of Square Cash App has crossed that PayPal’s Venmo.
Square Cash overtake PayPal’s Venmo
The total number of downloads for Square’s Cash Application has reached 33.5 million as compared to 32.9 million by Venmo. In July 2018, Square Cash had seen a growth rate of three times more than that of Venmo. Both the platforms had a peer-to-peer platform as a priority. Moreover, they introduced various new features in order to monetize and increase their user base. Cash Card has been made an integral part of Square’s product system as it is planning to increase the adoption rate of its card.
Rise of Square Cash
The company has integrated with its food delivery business Caviar thus, making it of utility for instant payments. It has given an option of transferring payroll deposits to employees, to the Square merchants. The recent position of Square as the leader of the market is expected to increase the Square’s shares by approximately $30 million which is around 2-3% of the net revenues in the year 2018, as suggested by the analyst in Nomura Instinet Dan Dolev. The reports were derived from the data and research from the Sensor Tower. By the use of this application, users are allowed to receive and send money from other users. Also, card payments for businesses could be accepted through it. The Square Cash application’s customers did cash transactions worth $250 million according to the company’s second quarter release.
At present, there isn’t the presence of “active user penetration”. However, Dolev told in his note to clients that due to the app, the company could approximately reach “$100 million in sales by 2020”.