The last four months of lockdown and self isolation imposed by the rapid spread of the novel Coronavirus have indeed caused the number of people using online payment apps and services to increase rapidly. The most popular online payment apps include names like Cash App and Venmo; these two apps are kind of considered to be the main contenders in the market currently. But it was revealed lately that Cash App did manage to overshadow Venmo during the lockdown period to become the most used online payment service.
CashApp vs Venmo
Both payment services have in fact seen a palpable surge in the number of users since the start of the pandemic. Different types of customers such as business owners and family members utilized Cash App extensively to send and receive money. And as the global pandemic intensified even more by the start of March and millions of people went in lockdown, the use of Cash App increased rapidly.
CashApp & Bitcoin
Now the app has nearly 40 million users per month; back in December 2019, Cash App had only 24 million users. Until date, it isn’t quite clear why Cash App succeeded in foreshadowing Venmo this year! Most likely users prefer Cash App because it encompasses a big bundle of different features that aren’t available on Venmo. Cash App also enables the user to buy, sell and store bitcoins which are rising at the moment. The recent success of Cash App however alludes to the fact that Venmo needs to work on its platform in order to present an outstanding online payment service.