Cash App is the number one finance app in both the iOS App Store and Google Play store in February 2023.
Cash App was also in the Top 10 most downloaded apps in the US last year.
Over 200 hip-hop artists have name-dropped Cash App in their songs till now. Cash App has captured the zeitgeist in a way that none of its competitors were able to achieve.
Here are 10 Cash App Statistics to know in 2023.
Who founded Cash App?
Cash App was founded on October 15, 2013, by Square Inc. Square is owned by Twitter co-founder Jack Dorsey and Jim McKelvey.
Cash App began to take off among the underbanked, often low-income communities that Venmo had neglected.
As Jack Dorsey put it: “People use Cash App as their primary bank account, and in some cases their only bank account.”
How many users does Cash App have?
In December 2021, there were more than 44 million monthly transacting actives on Cash App, an increase of 22% year over year.
A transacting active is a Cash App account that has at least one financial transaction using any product or service within Cash App during the specified period.
Cash App revenue
For the full year of 2021, Cash App generated $12.32 billion of revenue and $2.07 billion of gross profit, which increased 106% and 69% year over year, respectively.
Cash App’s gross profit is a result of three primary variables: (1) Actives, (2) Inflows per Active, and (3) Monetization Rate on Inflows.
Since Cash App has 44 million active accounts, the Gross profit per monthly transacting active reached $47.
How does Cash App make money?
Cash App makes money through 4 major sources – Instant Deposits, Cash App Cards, Bitcoin, & Business Accounts.
Instant Deposit is a functionality within the Cash App to instantly deposit funds into customers’ bank accounts. The Company charges a per transaction fee which is recognized as revenue when customers instantly deposit funds to their bank account.
Cash App Card is a free, customizable debit card that is connected to your Cash App balance. It can be used anywhere Visa is accepted, both online and in stores. Cash App charges $2 per transaction on top of the ATM’s service fee. This means every time you withdraw money from the ATM, the Cash App makes a profit.
Bitcoin is the cash app’s major source of revenue. Cash App charges a service fee and fees determined by the price fluctuation of bitcoin.The fee can be somewhere between 1.7% and 3%.
If you own a business and you accept Cash Apps as a form of payment, they take 2.75% per transaction. This charge is for the merchant and not for the consumers.
Cash App Marketing
Most financial services companies approach their businesses like a bank. Cash App approaches its business like a consumer social company. It is evident from its design—splashy, loud, fun.
Cash App outmaneuvered its competitors with savvy marketing and partnerships.
In order to make money relatable & accessible, Cash App turned to pop culture. Rappers were already rapping about Cash App, so the Cash App team leaned into it. They gave away $100K as part of a promo with Travis Scott. They sponsored Joe Rogan and e-sports teams.
You weren’t seeing other financial services companies working with Megan Thee Stallion and Cardi B on the release of WAP. Cash App was pushing new boundaries. Cash App was making money cool.
As Cash App seeped into culture, the app began to spread virally across the country. In 2018, Cash App surpassed Venmo in users.
What purpose is Cash App Card used for?
Cash App Card is used mainly at Restaurants, Big Box & Discount Retail.
How much is the Customer Acquisition Cost of the Cash App?
It cost Cash App just $10 to acquire a customer. This is just a fraction of what is spent by Neo Banks and other retail banks to acquire a customer.
Which country uses Cash App the most?
As per data accessed from Similarweb on February 22 , 2023, United States has the most number of Cash App users. This data is derived from number of visitors to Cash App website.
Around 86% of Cash App users are from the United States followed by UK and Canada at 1.76% and 0.95%.
Cash App has 20% penetration among Gen Z in the United States.
Cash App Website Traffic
Here are some quick statistics about Cash App’s website (cash.app) traffic (as of Feb 2023):
- Cash App has about 16.5 million monthly visitors.
- Cash App is the 4032nd most popular site in the world.
- Cash App is the 817th most popular site in United States.
- The average visit duration of the site is 3 minutes and 43 seconds.
- The majority of Cash App’s traffic is coming from United States (86.42%).
- 47.26% of Cash App’s traffic is from Direct.
- 37.87% of Cash App’s traffic is from Organic.
- 5.42% of Cash App’s traffic is from Social.
- YouTube accounts for 29.88% of Cash App’s social traffic.
- Reddit accounts for 20.70% of Cash App’s social traffic.
- 7.19% of Cash App’s traffic is from Referrals.
Jasper Reed is the founder of heyhowtodoit.com with 8+ years of experience in Search Engine Optimization.He has researched, tested, and written hundreds of articles ranging from social media platforms to messaging apps.
With a passion for technology and a natural aptitude for understanding consumer behavior, Jasper has built a successful career in blogging.He has been quoted and referenced by major publications and media companies.
An avid traveler and tech enthusiast, Jasper loves to explore new places and experience different cultures. With his thick-rimmed glasses and geeky demeanor, Jasper is a true tech nerd at heart.
You can read more about the team here.