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.
Square Card is the firm’s offering that allows Square sellers to spend their Cash. Users don’t have to wait for bank transfers to hit — they can spend money right away.
Card has increased each quarter since it launched, and in Q3 2020, more than half of Square Card sellers ordered their card within the first month
after onboarding. In the third quarter, more than $250 million was spent by sellers through Square Card, or approximately 34% of these sellers’ gross payment value, for daily expenses like purchases at gas stations, discount retailers, and other places.