As of the end of December 2020, Cash App had stored balances of approximately $2 billion from its customers, with much of the revenues for Square coming from Bitcoin revenues—an indication that the platform continues to shift into cryptocurrency.
For the most part, Cash App’s instant deposit cash card allows funds to be utilized in-store—and it’s become an increasingly larger portion of the company’s business.
By the end of 2022, nearly $128 billion will transact via Cash App in the US, and in 2025, that figure will surpass the $200 billion mark.
Strong growth ahead
2020 was an extremely strong year for the payments space, especially for these platforms. Consumers became more comfortable using mobile P2P payments—and not just within social settings. For many, P2P payments became a replacement for traditional money transfers, as well as for cash and checks.
By the end of 2023, we expect $1.152 trillion will transact via mobile P2P apps, driven by Venmo, Zelle, and Cash App.
“While both older and younger smartphone users are driving adoption of mobile P2P payment apps, growth comes primarily from Gen Z,” said Oscar Orozco, eMarketer director of forecasting at Insider Intelligence. “As this younger cohort ages into both smartphone adoption and positions of financial responsibility, we expect them to start using one or more of these payment apps with friends and family. We estimate that 38.5% of Gen Z smartphone users in the US will transact via these apps. By the end of 2025, this proportion will be closer to 62%.”
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April 20, 2021 at 04:06AM
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How the biggest mobile P2P payment players stack up - eMarketer
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