Square Cash App Becomes More Popular than Venmo
July’s statistics have shown that Square’s Cash app has grown triple as fast as the Venmo app. As of now, the total number of downloads of Square’s Cash app is 33.5 M, nearly 1.5 million times more than the total downloads for Paypal’s Venmo.
The share price for the Cash app has grown over 726% compared to the price in 2015. As Dan Dolev states, by 2020, the app may exceed the $100M mark in annual revenue if they continue growing at their current pace, even if they do not focus on having more active users.
According to Dolev, the revenue is expected to increase by 18.8% by the end of the next year as they have increased their target mark to $86.
Square Cash and Venmo have a market competitive edge as they give their users an easy means to receive, send, and overall manage their finances between peers only using their platform. In the meantime, Square Cash has secured their position in the top 30 apps on Apple’s store, and the total spendings by users have tripled since December 2017 showing an amount of $250 M on Cash Card, according to Sarah Friar, Square’s CFO.
Now that all the 50 states in the US are able to download and use the app for their tradings legally, the app is expected to continue growing at an impressive pace in terms of geography.
Crypto Had no Hand
Although the numbers have not been looking good in regards to cryptocurrency, it did not affect the app’s growth. What is more interesting is the fact that cryptocurrency has still not shown a direct or indirect relationship with the number of users.
According to Dolev, the Coinbase app downloads increased by 11% in July as the BTC prices where higher. Now that the prices are down, the app still shows a 154% growth in the number of downloads, showing very minimal variation from July’s number.