When it comes to mobile payments apps, Square’s Cash App is now the top gun followed by Venmo and Zelle who are going to need to do some savvy marketing and innovation to catch up. PayPal supports international growth and offers more features for eCommerce, while Square provides more in-person selling tools. As you can see in the comparison chart, both Zelle and Venmo have built-in security features to make money transfers safe. The New York State’s Department of Financial Services (NYDFS) approved Square’s “BitLicense” application in June 2018 which lets New York residents buy and sell bitcoin using its Cash App. Square’s support for bitcoin seems to also be contributing to new user trial and adoption added Dolev. Square’s stock price has jumped by 193% in the past 12 months and doubled during 2018. She said customers spent an estimated $250 million using the company’s debit Cash Card. Pros Designed for quick money transfers No fee for debit card purchases Cash a Check feature (not available in NY) Cons Only available in the U.S. In Square’s most recent earnings call, CFO Sarah Friar said Cash App is the number one finance app downloaded on iTunes and consistently in the top 30 of all app downloads. Online credit card payments through your website with PayPal are subject to the 2.59 plus 49 cents rate, which is lower than Square’s 2.9 plus 30 cents. Apparently Venmo is more geared toward peer to peer smaller payments and there are limits for receiving payments. I did not spend a huge amount of time on it but I found surprisingly limited info on their site as it related to a business account. $30-40 million in projected 2018 revenueĭolev projects $30 million-$40 million in revenue by the end of 2018. ago I recently did a little bit of research into Venmo. Square’s Cash App had three times as many downloads in July according to research from Sensor Tower and Nomura. Zelle and Venmo are available only in the U.S., unlike competitor PayPal, which has users in over 200 countries and supports 25 different currencies. “If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration,” Dolev reported in a note to investment clients. Square’s Cash App now has a total of 33.5 million downloads compared with PayPal Venmo’s 32.9 million cumulative downloads according to Nomura Instinet analyst Dan Dolev. Bottom Line Top Square and PayPal Alternatives Frequently Asked Questions (FAQs) Show more Square and PayPal are two of the most popular payment processing platforms for small business. When it comes to payments apps, there’s a new sheriff in town.
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