Member Exclusive, Payments

Square Cash app is accelerating growth, outpacing Venmo

  • Square Cash is an important piece of Square's ecosystem strategy.
  • App downloads have been accelerating for the payments provider.
close

Email a Friend

Square Cash app is accelerating growth, outpacing Venmo

Square continues to push Square Cash, its mobile payment app. While Square provides payment, lending, software, and hardware tools, Cash is the connective tissue between merchants and consumers.

Eventually, Square intends to become a bank and is still working with the FDIC to obtain a banking charter. Cash is an important cog in Square’s strategy to create its own commerce ecosystem, so downloads of the app are a good proxy for growth.

Square downloads are accelerating against Venmo, as the download spread between the two payments leaders is widening, according to research from Nomura.

Square Cash is averaging about 2.1 million downloads a month in 2019. That’s up from an average of 1.9 million per month in 2018.

Square Cash download growth accelerated in May, as downloads grew by 2.2 million. May marked the sixth consecutive month that Square Cash downloads exceeded 2018 averages.

Venmo, on the other hand, is seeing download growth slow. It’s averaging 1.7 million downloads per month as its year over year growth in downloads is slowing down.

In May, Venmo experienced what Nomura called a ‘sharp slowdown’ to 35 percent growth, which was a deceleration from 47 percent in March and 54 percent in April.

Cumulatively, with 53.9mn total Cash App downloads vs. 47.9mn for Venmo, the gap between the two apps reached an all-time-high of 5.9M vs. 5.5M in April.

0 comments on “Square Cash app is accelerating growth, outpacing Venmo”

Payments, Sponsored

Cybersource is bringing contactless payments to riders worldwide

  • 88% of global public transit passengers expect contactless payment options to ride.
  • Cybersource is helping transit systems reduce complexities and accelerate implementation timelines to adopt Tap-to-Ride options for passengers.
Rebecca Alma Cohen | October 21, 2021
Payments

With an eye on becoming a super app, PayPal in talks to buy social media app Pinterest

  • PayPal is scouting a $45 billion acquisition of Pinterest, one of the biggest social media apps.
  • It's in line with the payments company’s plans of becoming a super app by combining an e-commerce platform with financial products
Iulia Ciutina | October 21, 2021
Payments

How customer experience is driving the new era of payments, in four charts

  • Increased demand for experience-led solutions rather than products is defining a new era in the payments industry
  • Customer behaviour is changing, driving financial institutions towards offering new lifestyle-embedded payment methods
Iulia Ciutina | October 20, 2021
Payments

Zuora updates its platform with ‘unified monetization’

  • The new tool lets merchants package a one-time purchase and a recurring purchase within a single offering.
  • Unified monetization could help Zuora appeal to companies that rely mostly on one-time purchases for their revenue stream, but could see subscription offerings as a way to expand.
Rivka Abramson | October 04, 2021
Payments

Trustly adds instant payouts to US offerings

  • Trustly's offering, in partnership with Cross River Bank, allows businesses to complete near-instant disbursement of funds through its platform.
  • Industries that can benefit from the offering include retail, marketplace, insurance, and sports betting companies, says Trustly.
Subboh Jaffery | October 01, 2021
More Articles