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SENSOR TOWER · ABRAHAM YOUSEF · DECEMBER 2023
Evolution of P2P Payment Apps: Embracing Consumer Banking Services
Peer-to-peer payment apps like Cash App, Paypal, Venmo, and Zelle have been the most downloaded finance apps in the US in 2023. Although Cash App leads the pack in terms of overall US downloads for finance apps, its download growth has slowed materially in the post-pandemic period, indicating market saturation. As a result, Cash App and its competitors have expanded their services to include consumer banking and have shifted their advertising strategies to promote debit card services and stock and crypto trading.
Key Takeaways:
Fueled by the surge in demand for contactless transactions during the pandemic, peer-to-peer payment apps saw explosive growth in 2020. Per Sensor Tower data, Cash App and Venmo reached historic highs in new downloads, at ~12M and 7M, respectively, in 2Q20, representing an 84% and 38% YoY increase
Despite observing declining downloads over the last three years, Cash App and Venmo have sustained their dominance in the U.S. market. Their combined market share, representing more than 90% of MAUs among the leading five peer-to-peer payment apps, underscores their savvy marketing and resilient market position
Cash App and Venmo cater to distinct user demographics within the digital finance realm, offering relevant opportunities for each platform based on their user personas:
According to Sensor Tower’s Audience Insights data, Venmo users over-index in persona categories such as World Travelers (133%), Outdoor Enthusiasts (121%), and Frequent Flyers (112%) among smartphone users. This presents collaboration opportunities with travel agencies, airlines, and outdoor sports companies for tailored marketing campaigns
In the same comparison, Cash App is favored by Buy Now Pay Later personas (232%), signifying collaboration opportunities with retailers, e-commerce platforms, or financial institutions currently leveraging BNPL services (like Block's Afterpay). Tailored initiatives can enhance Cash App's appeal for users inclined towards this payment behavior
Cash App and Venmo pivoted their advertising strategies toward consumer banking, emphasizing their debit card services. Over the past two years, Cash App's Debit Card ads accounted for 60% of consumer finance ad impressions from 2022-2023, while Venmo saw a 38 ppts shift in ad impressions from peer-to-peer payment ads to debit card ads through 2023 YTD, vs the previous year
For more information, request the full report from reports@sensortower.com.
Written by: Abraham Yousef, Senior Insights Analyst
Date: December 2023