Regular advancement in the tech world has made our lives easier. For instance, sending money online has become easier than ever. In fact, many social platforms are offering one-step payment services.
This thing gained popularity in 2013 when Square Cash developed an innovative solution. It’s a mobile payment company allowing people to connect a debit card to pay through email. It eliminated multiple steps and delays in online payment.
A year after its launch, Square Cash launched its app for iOS and Android to simplify the payment process. Later, it worked towards its monetization by offering services for businesses in the US. It charged a 1.5% fee per transaction for sending money from users.
By Q2 2022, this mobile payment app generated a revenue of $2.62 billion, which is a 12% year-over-year increase. It generated a $774 million profit for the quarter.
Interested in knowing Square Cash App’s statistics and data? Read on to get the complete information.
Cash App Key Statistics
Square Cash tried controlling costs by fleshing out the app. Each time a user withdraws money, it loses money because it has zero transaction costs. But in 2017, Cash App improved, with average customers generating $15 in revenue.
As a result, the app became popular among its competitors, like Venmo. The same year, Cash App also started Cash Cards for people who don’t like using mobile phones to pay. Among the total Cash App users, around 13 million own a Cash Card.
Another thing that helped Cash App gain popularity was Bitcoin Trading. In 2018, the app allowed users to sell, buy, and transfer Bitcoin without worrying about the Bitcoin marketplace’s time and cost.
By 2020, Cash App managed to generate a revenue accounting for 76% through Bitcoin Trading. In 2022, the app generated a $37 million bitcoin gross profit.
During the initial years, Square Cash App did not make any significant revenue, but in the past few years, it has emerged as a trustworthy payment app, mainly due to Bitcoin. Instead of a mere payment tool, Cash App wants to be an all-in-one hub for financial needs.
Here are brief key statistics of Cash App:
- In 2022, Cash App generated $2.68 billion in revenue.
- In Q4 2021, the app had 44 million active users, out of which 13 million had Cash App Cards.
- During Q3 2022, Cash App is believed to have generated $118 million in revenue.
- Likewise, it generated $804 million in revenue through subscriptions and services.
- The quarter of 2022 showed a 69% year-over-year increase.
Cash App Overview
- Launch Date: 15 October 2013
- Headquarters: San Francisco, California
- People: Amrita Ahuja, Jack Dorsey, Jim McKelvey
- Business Type: Division
- Parental Company: Block Inc
- Industry: Finance
Cash App Revenue
Over the past few years, Cash App’s revenue has increased. It shows the company has managed to gain popularity among people.
Cash App Annual Revenue 2018 to 2021 ($bn)
Cash App Bitcoin Revenue
After Cash App released Bitcoin Trading in 2018, its revenue has surprisingly increased by a great mark.
Among its total revenue in 2021, about 81% was accounted solely for Bitcoin Trading.
Cash App Annual Bitcoin Revenue ($bn)
|Year||Bitcoin Revenue ($bn)|
Cash App Profit
In 2021, Cash App reported its highest annual profit of $2 billion. Here’s an overview of Cash App’s profit year-by-year:
Cash App Annual Gross Profit 2018 to 2021 ($bn)
Cash App Users
Cash App has 40 million users, and almost all of them are from the US. In 2022, the app was reported to have 18 million active users.
As per a report, Cash App US users have increased by 15.3 year-over-year and were reported to be 47.8 million in 2022.
Cash App Annual Users Stat (mm)
Cash App Card Owners
Cash App Card works similarly to a basic debit card, allowing people to make quick payments. Of the total Cash App users, around 13 million people use Cash App Cards.
Cash App Card Owners 2019 to 2021 (mm)
|Year||Cash Card Owners (mm)|
Cash App FAQ
Ques 1: What number of Cash App revenue comes from Bitcoin?
Ans: Around 76% of Cash App revenue comes from Bitcoin.
Ques 2: How much Cash do App users have on the app?
Ans: Cash App users have stored around $1.7 billion.
Ques 3: Does Cash App Work Globally?
Ans: Cash App offers its services only in two countries, i.e., US and UK.
Ques 4: Who Uses the Cash App most?
Ans: Low-income adults are more likely to use Cash App as they find it convenient to transfer money.
Ques 5: Why is Cash App popular?
Ans: Over the years, Cash App has gained popularity and established itself as a reliable digital wallet by offering the best payment services.
Ques 6: Is Cash App Card free?
Ans: Yes, the Cash App Card is totally free. One can get it and connect it to their Cash App balance.