Square’s Cash App is a core part of the payment company’s growth plans. Core to Cash App is peer to peer payment functionality, similar to Venmo and Zelle.
Cash App has emerged to become a major player in bitcoin trading, driving billions of dollars to Square’s top line. 10% of the U.S. population, or 30,000,000, has downloaded Cash App. The company is getting more efficient at converting downloads into monthly active users.
Square is turning Cash App into a super app that now includes debit, P2P and investing. As it expands functionality, Square is seeing increased engagement of Cash App users.
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