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Square stock hits record as Cash app reportedly passes Venmo in downloads
Analyst tracking downloads of the two payment apps says Cash surpassed Venmo in July
Square monetizes its Cash platform with a debit card, fees for instant access to funds and bitcoin trading. Sell Bitcoin Cash Australia
Square Inc.’s peer-to-peer app has quietly passed Venmo in terms of cumulative app downloads, according to an analyst.
For months, Instinet’s Dan Dolev has been chronicling the rise of Square Cash, which he said has been growing significantly faster than Venmo. In July, Square Cash finally passed PayPal Holdings Inc.’s
Venmo, he wrote Tuesday, citing his own analysis and data from app-research firm Sensor Tower.
Square Cash had 33.5 million total downloads as of July while Venmo had 32.9 million, according to Dolev. He said that Square Cash grew
hit an intraday record high of $74.99 Tuesday and were recently up 3.3%, on track to close at an all-time high. PayPal shares were up 0.7%. Square’s stock is up 196% over the past 12 months, while PayPal’s stock has gained 48% and the S&P 500
Neither company discloses download numbers, but PayPal said last month that Venmo processed $14.2 billion in payments during the second quarter. Square doesn’t release a comparable metric. Representatives from Square and PayPal declined to comment on the Instinet report.
and have been introducing new features to bring users into their respective ecosystems. For the most part, but the key for Square and PayPal is finding ways to monetize their peer-to-peer user bases. Sell Bitcoin Cash Australia , but the key for Square and PayPal is finding ways to monetize their peer-to-peer user bases.
Square appears to be doing a good job so far. Following the second quarter of 2017, the company disclosed that more than a third of active Square Cash customers conducted a fee-based transaction during the period. Such transactions included using the Cash debit card associated with their accounts, paying for instant access to their funds, sending money to a friend using a credit card or using Square Cash for business purposes.
on the platform, which is another way the company monetizes the Cash app user base.
PayPal enables peer-to-peer transfers through both Venmo and the core PayPal platform but
in its monetization efforts. Chief Executive Dan Schulman said in conjunction with PayPal’s most recent earnings report that 17% of Venmo users have engaged in a monetized experience since launch, though the company counts a different set of actions in that metric than Square does.
The next frontier for PayPal is convincing Venmo users to choose the service
Uber is the latest frontier in Venmo monetization plans
Wedbush analyst Moshe Katri told MarketWatch on Monday that he’s less concerned with Venmo usage and more concerned with the company’s potential to make money from it. PayPal is “very early in the whole monetization theme, but if they’re able to do that, they should see nice expansion,” he said.
PayPal did $33 billion in peer-to-peer volume during the second quarter across PayPal, Venmo and Xoom, an international money-transfer platform.
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Emily Bary is a MarketWatch reporter based in New York.
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