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Block has a very robust Cash App, cash card program. There's almost 30 million people who have that card. It's a prepaid debit card, but they're not able to utilize the NFC technology in an Apple phone. That's a problem. That's a problem, especially when Cash App users are younger, that they have a customer base that I think is,-. Rob Rubin:.

Many digital-first banks and financial apps have minimal identification requirements, making it easier for people without traditional documents to open accounts. And alternative banking services like PayPal, Cash App, and Venmo have allowed customers who may not have qualified for bank accounts鈥攐r who have felt intimidated by account-opening processes鈥攖o use basic banking services.

Recent additions in the US include Block鈥檚 Cash App Pay, which skews heavily to millennials and Gen Zers. Providers can help increase the share of online payments that are completed. The authorization rate鈥攖he percentage of transactions that a merchant submits and is accepted by the cardholder鈥檚 bank鈥攃an be 10% lower for online transactions versus those made in person.

In-store transactions involving Block鈥檚 payment brands鈥擲quare, Afterpay, and Cash App鈥攊ncreased 17% YoY during the Black Friday/Cyber Monday weekend, although the company noted that online cart sizes were twice as large as those in physical stores. Our take: The Cyber Five鈥檚 success is good news for retailers as they enter the home stretch.

PayPal's outage highlights rising API-related flaws in finance. With 80% of U.S. adults relying on app-based payments, regulatory scrutiny and customer frustration could reshape the competitive landscape.

The update should help consumers feel safer using the P2P app, which may help boost Apple Cash adoption

More advanced cash management tools and better integration with third-party apps are uniquely important to these companies. Smaller FIs looking to win SMB business should prioritize offering these features and develop targeted marketing campaigns around them.

Believe it or not, the year is already halfway over. For advertisers, it's been a whirlwind with economic upheaval, massive AI adoption, Google upending search, and working hard to understand Gen Z. Oh, and remember when TikTok went dark for a weekend?

This feature will help Venmo catch up to other P2P apps and bring in more frequent users.

Young consumers鈥� creativity and drive are starting to pay off, and banks should act so they can leverage their growth in savings.

Neobanks and banking-adjacent apps are crowding out general-purpose prepaid cards. Players like Cash App are attracting consumers who had previously relied on prepaid cards to make non-cash purchases and pay bills. 蘑菇AV 23 million US adults use digital-only banks, per our forecast.

Leading cash-back credit cards need to drive acquisition in a cutthroat segment of the card market. Our exclusive consumer survey data reveals which emerging features issuers should invest in to win over customers.

The wallet is pushing new features to help increase app engagement and maintain customer loyalty

The complaint alleges that Visa feared that digital platforms like Apple Pay, PayPal, Square, and Cash App had 鈥渘etwork ambitions鈥� that could disintermediate the payments network. Visa saw Apple Pay, specifically, as an 鈥渆xistential threat鈥� to its debit business.

Cash App can leverage parent company Block鈥檚 ecosystem to tap a unique base for growth. Cash App is the smallest of the three major P2P apps by users and volume, per our forecast. Its higher share of lower-income users versus other apps may offer it more runway for user growth.

Centralizing operations may also create more cooperation between Square and Cash App, which has reportedly been a struggle, per the Information. And it can help bring together Afterpay and Cash App, another of Block鈥檚 goals. Block isn't the only payment provider worried about costs. PayPal also hinted at layoffs in its Q3 earnings.

Block tried to shut down allegations of duplicate accounts by saying that Cash App is built to support customers with multiple accounts鈥攆or instance, separate business and personal accounts. It added that its response to measuring user numbers was 鈥渃onservative.鈥�. 鈥淢any accounts鈥� are verified.

But these users are already loyal to their preferred P2P app, with the industry dominated by Venmo, PayPal, Zelle, and Cash App. And feature innovation in digital wallets is making consumers even more attached to their preferred wallet. For example, new features like PayPal鈥檚 digital smart receipts and package tracking create more use cases for the app, boosting user loyalty.

Cash App reported 57 million monthly transacting actives. BNPL volume from Afterpay jumped 25% to nearly $7 billion. Square gross payment volume (GPV) rose 6% to $50.46 billion鈥攁nd rocketed 23% outside of the US. Nearly one-quarter of Square鈥檚 revenues came from banking services during Q1.

Four banks that partnered with payments app Zelle reported that losses to P2P payment fraud on the app likely exceeded $255 million last year, soaring from $90 million in 2020, per a report by Sen. Elizabeth Warren. P2P payments platforms Cash App and Venmo are also under fire over fraud concerns.

Consumers used mobile apps for 50% of all peer-to-peer (P2P) payments in 2023. This is down from 55% in 2022 but still well above the pre-pandemic 27%. The YoY decline may suggest that there is a cap for digital P2P payment growth and that consumers aren鈥檛 willing to ditch cash and checks entirely.

Capturing this spending requires investment in accepting not only wallets powered by near-field communication (NFC) technology, but QR code solutions like Venmo and Cash App as they expand in-store. Shoppers Demand New Checkout Experiences.