Block, Inc. (formerly Square) Message Board

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Technology Stocks : Block, Inc. (formerly Square)

SQ 72.59

-2.3%

Nov 4 3:59 PM EST

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From: AmigaComputer	7/7/2019 12:28:55 PM
	of 66

Venmo, PayPal's highly successful person-to-person payment app, has been very popular among millennials so they can send money to friends, split a restaurant bill, or pay a roommate's portion of the utilities. But Square's Cash app has continued to show growing popularity with downloads topping Venmo since last year. Total downloads for Square Cash is 56.1 million while Venmo sits at 49.7 million, currently. This is the largest gap betten the rivals so far. And it doesn't look like it is going to change any time soon. Demographically, Square seems to hit at a very desireable target: low-income customers who typically make less than $50,000 per year. These users tend to under-bank and so Square Cash could be more disruptive to existing services like prepaid credit card than PayPal currently is. A study showed that more than 80% of Cash App customers use prepaid cards while nearly half (45%) admitted to using these cards less after finding the Cash app.

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