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

With Direct Payouts, Visa can push payments to cards and accounts cross border

  • Visa Direct has built an ecosystem of senders and receivers powered by push payments.
  • Visa is now launching Visa Direct Payouts, extending push payments cross border and to more types of accounts.
Zachary Miller | March 30, 2021
Payments

‘Payment companies are taking a clear political stance’: Politics and payments in the wake of the Trump administration

  • Should payments be politicized? As more than 400 people face criminal charges for the Capitol riots, we explore the repercussions on the payments industry.
  • Experts weigh in on potential polarization and regulations in the long term.
Rimal Farrukh | March 24, 2021
Payments

‘2020 was the year of QR code adoption — 2021 will be the explosion’: QR codes continue to climb in popularity

  • Past the three-month mark of 2021, we’re still seeing QR codes grow in popularity.
  • But how this payment method will expand continues to leave the future of QR codes kind of blurry.
Rivka Abramson | March 18, 2021
Payments

Baseball fans will get a cashless payment experience when they re-enter Petco Park this season

  • Baseball fans will have a cashless experience when they re-enter San Diego Padres' Petco Park next season.
  • The team signed a partnership with Tappit to enable fans to make transactions through the MLB Ballpark app at the stadium.
Rimal Farrukh | March 18, 2021
Payments

Subway standardizes payments across its stores and geographic footprint

  • Subway now offers a standardized payment solution across its European franchisees.
  • Amadis and Worldline are part of nexo standards, a member association which aims to globally standardize payment processes.
Rivka Abramson | March 12, 2021
More Articles