Bitcoin-Friendly Square Cash is Now More Popular Than Venmo
Data from app research firm Sensor Tower and Nomura Instinet have revealed that cumulative downloads of Square’s Cash App have surpassed that of its rival, Paypal’s Venmo, per a Bloomberg report. Square’s Cash App now has a cumulative total download of 33.5 million, which exceeds Venmo’s 32.9 million for the first time, after a successful July where it grew three times faster than Venmo. Both companies had made their peer-to-peer platforms a priority, introducing new features in a bid to increase the user base and monetize it. Square has taken steps to grow the adoption of its Cash Card by making it an integral part of its product ecosystem. It has integrated the app with Caviar — its food delivery business — made it useful for instant payments (such as payment for gasoline), and provided Square merchants with an option to transfer payroll deposits to employees. Dan Dolev, an analyst that works with Nomura Instinet, expects the new market-leading position to boost Square’s shares with an estimated $30 million or 2 to 3 percent of adjusted net revenues in 2018. His report cites his analysis and data from Sensor Tower.
The app, often referred to as “Square Cash,” allows users to send and receive money from friends and accept card payments for your business. According to the company’s second quarter release, Cash App customers spent $250 million on cash transaction.
