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. Eachof the firmshadcreatedtheir peer-to-peer platforms as a priority, introducing newoptionsduring abidto extendtheir user base andlegalize it.
Square on the another side has taken steps to grow the adoption of itsCashCard byemploying an integral part of its productscheme.The companyintegrated its app withCaviar— its food delivery business —createdithelpfulfor immediate payments, provided merchants with thechoice to transfer payroll deposits to staff etc.
The mobile application named as “SquareCash,”permits itsusers to send and receivecashfrom friends andsettle forcard 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.
Anadditional feature introduced by the companyrecentlyextended support forbitcoin trading for its all U.S. users.During atweet shared onthis month,the corporateaforesaiduserscancurrentlyuse the Square appto shopand 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 relationshiplooksto traveleachways in whichbitcoins pricemultipliedinJuly this yearand Coinbase exchange downloads accelerated for some time,, however Square App downloads has remained stable since now, showingvery littlevariance frompreviousmonths’ growth rates.”