Square's Cash App Is More Popular Than Venmo [The Motley Fool]
PayPal Holdings, Inc. (PYPL)
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Source: The Motley Fool
How Cash App overtook Venmo in downloads by focusing on something broader than peer-to-peer payments. Square 's ( NYSE:SQ ) Cash App started as just another way to send friends money, like PayPal Holdings ' ( NASDAQ:PYPL ) Venmo. But as it added more features, it broadened its appeal. And last month, downloads of Cash App surpassed those of Venmo, a milestone that's a testament to the momentum Square has created around the app. Cumulative Cash App downloads totaled 33.5 million as of the end of July, compared with 32.9 million for Venmo, according to data from SensorTower and Nomura Instinet. Cash App downloads grew three times faster than Venmo downloads last month. Square built that momentum by adding services to Cash App that have clear monetization capabilities. Meanwhile, PayPal has struggled to balance monetization with maintaining its user experience and, by extension, its user base. Square's risk-taking (if you can call it that) has paid off handsomely.
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Earnings
- 2/7/24 - Beat
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Sec Filings
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 4
- 4/16/24 - Form 4
- PYPL's page on the SEC website