Don't Look Now: Square's Cash App Is Almost as Big as Venmo
In Square's (NYSE: SQ) most recent product announcement for Cash App Pay, the fintech provided a small detail about Cash App's user base. "Square sellers will also be able to better reach Cash App's more than 70 million annual transacting active customers," it said in a press release.
Square previously kept its reporting on Cash App to monthly active users. Rival Venmo, owned by PayPal (NASDAQ: PYPL), uses the metric of annual customers, and PayPal's latest Venmo update said it had more than 75 million active users. That means Cash App is within striking distance of overtaking Venmo.
Cash App's Cash Card. Image source: Square.
Source Fool.com
