Hi I don’t use these two apps often. Heard about the rapid growth of CashApp. What makes it standout? How does it compare with other peer to peer money transfer app such as Venmo. Thanks.
Better
CashApp is way more than just Venmo
I like Cash App way better than Venmo. Unfortunately, my friends all use Venmo so I use it too 🤷
You use cash app with your young hip friends, Venmo with your mom.
Funny, it used to be the opposite. I haven't used cash app in forever, but back when I did Venmo was considered the hip way
Cash App is one of the most expansive financial apps out there right now. You can receive your paychecks in Bitcoin, send fractional shares of stocks to friends, do your taxes and much more! Cash App generates a ton of revenue for Block, while Venmo is still early on in the process of doing so for PayPal.
Venmo is really great for boomers
Cash app is more of a substitute for banking- particularly for people who don’t have a bank also with p2p. Venmo is more focused on the p2p thing. Some people just see them as two p2p apps. But yeah Venmo is has more penetration with white and wealthy people so most people here probably see it as more dominant
Lol lot of shade from fellow Sq peeps. Venmo has huge penetration in the coastal cities, college campuses, middle class and up. Your tech coworkers use Venmo. This demographic also has tons of options for financial services. While Venmo has added a couple crypto options, it’s largely been stagnant for a long time. Cashapp is south and Midwest. Often more rural, more hourly workers, etc. This demographic often doesn’t have access to “awesome” financial services like Venmo users do, and Cashapp has done a killer job making themselves a cool / vibe brand and quite literally part of black culture in some places hence their high growth. Cashapp is expanding into adjacencies and they have a pretty strong base to do so.
I definitely didn't intend to throw shade. We also just throw a lot more money towards developing Cash App more so it isn't totally a fair comparison. Both are very useful and convenient apps overall.
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Both apps are straight forward for sending cash. What's really interesting is the demographic differences between the users of the accounts. I don't have all the details to provide an accurate statement on it but I'm hoping someone from square and PayPal can provide more details.
This is just my perspective living in the bay area and having friends that obviously live here. But everybody here is more familiar with Venmo and that’s how we send money. What are the demographics on Venmo seem to be mid 20s to 30s. cash app from what I’ve experienced either people have never heard of it or they’re not as familiar with it. And a lot of the demographics that use the product are usually either the younger crowd teenagers. Or older folks from the mid/ east coast. in my personal opinion. bay area folks are used to sending money via Venmo. And I think a lot of the folks outside of California tend to use cash app more frequently. particularly in underserved communities if you will.