Square Cash Bitcoin Trading App Surpasses Paypal’s Venmo in Downloads
Square Cash App Overtakes Competitor, Venmo
A recent Bloomberg report has pointed out that the crypto-friendly payment app, Square Cash has exceeded PayPal’s Venmo, also known for being a direct competition to the former. This statement was based off of the number of total downloads, which was provided by research platform, Sensor Tower.
As per the released data, the Square Cash app has gained 10.6 million more downloads than its competitor, in other words, the former sits at nearly 33.5 million total downloads, while the latter sits at 32.9 million. Most of the growth experienced by Square Cash allegedly took place in July of this year.
The Cash App was designed to facilitate money transfers. Whether one wants to send or receive money, the app supports it, and does so in an instantaneous manner. The peer to peer payment solution also supports the use of debit and credit cards for funds.
Like the Cash App, Venmo was also created with the intentions of easing money sending and receiving, which is done by linking one’s bank account. Both apps ensure data encryption, hence maximizing on security of personal data. Sending money with Venmo is allegedly as easy as entering one’s e-mail or phone number or even syncing Facebook friends.
Nomura Instinet and Sensor Tower, both within the research sector, have contributed in analyzing the data. As per Nomura Instinet’s analyst, Dan Dolev, Square Cash is expected to mature and eventually lead its respective market. Dolev also shared that Square Cash can expect an increase in its net value by nearly 2 to 3 percent.
The analyst did not only stop there, as he went on to projecting the mobile payment services’ future value, in which he strongly trusts that Square Cash will likely overtake “$100 million in sales by 2020”. This growth will supposedly remain regardless of the userbase it gains, which is quite impressive given that it would mean a 200% growth by 2020.
Getting back to the point of possible decrease in userbase, Dolev noted that Square Cash has been growing even with its support for cryptocurrencies. In particular, with the current market trend, it would come of surprise that a firm is still doing fairly will. He also compared Square Cash’s total downloads to crypto exchange, Coinbase’s, which according to him, is still far more.
As per his quotes,
“While Bitcoin prices increased in July and Coinbase downloads accelerated 11 percent, Cash App downloads remained stable […] shows little variance from prior months’ growth rates.”
How to do you perceive the Square Cash App’s growth? Despite the downward trends of the crypto sphere, what do you think is still holding it up?