Square Cash Application is a mobile payment service developed by the company Square Inc., allowing users to transfer money to one another using a mobile phone app. It was founded back in year 2013 by the Twitter CEO ‘Jack Dorsey’ with the concept of developing a single digital currency ‘Bitcoin’ for the web.
The Square cash after defeating its competitors in no time has now currently around more than 33 Mln users which even exceeds Venmo owned by PayPal. Each of the firms had created their peer-to-peer platforms as a priority, introducing new options during a bid to extend their user base and legalize it.
Square on the another side has taken steps to grow the adoption of its Cash Card by employing an integral part of its product scheme. The company integrated its app with Caviar — its food delivery business — created it helpful for immediate payments, provided merchants with the choice to transfer payroll deposits to staff etc.
The mobile application named as “Square Cash,” permits its users to send and receive cash from friends and settle for card payments for businesses. As per the last years revenue report by the company, its mobile app users spent around more than $245 Mln using their platform.
An additional feature introduced by the company recently extended support for bitcoin trading for its all U.S. users. During a tweet shared on this month, the corporate aforesaid users can currently use the Square app to shop and sell bitcoin throughout the country. Dan Dolev, an analyst that works with Nomura Instinet
An analyst with Nomura Instinet ‘Dan Dolev’ said that Square app growth as seen in no time is a lot more than simply considering just a bitcoins play. The popularity of the app is growing till date even in this time of market downfall. Stating further he said:
“Interestingly, this relationship looks to travel each ways in which bitcoins price multiplied in July this year and Coinbase exchange downloads accelerated for some time,, however Square App downloads has remained stable since now, showing very little variance from previous months’ growth rates.”