You may not believe me, but if I told you ten years ago that money could be transferred from your cellphone from one person to another at no cost, would you believe me? In the last few years mobile peer-to-peer payment applications have gained tremendous popularity among teens and young adults across the United States. Many companies simplify the payment process among consumers internationally by developing the peer-to-peer payment system.
Companies like Venmo, PayPal and Cash App have made it extremely easy for consumers and businesses to transfer money from each other at no cost. The Cash App is the fastest growing of the three and is now ranked as the # 1 funding application in the Apple Application Store in the United States. It’s efficiency like no other, once you’ve linked your card information to the application, you can send an email or phone number to send money from one account to another just by pressing a few buttons on your smartphone. The person receiving the funds can choose to receive it immediately for a small fee (1.0%) or choose to receive the money in 2-3 business days without being charged.
Although the service is not extremely profitable for the business owner, its availability allows millions of active users to make peer-to-peer payments between each other daily. The Cash App recently decided to go international by making itself available in all app stores in the US, Canada, Japan, Australia and the UK to maximize its practicality anywhere in the world.
This year, the Cash App introduced the prepaid card, where the consumer can choose to personalize their own debit card and spend the available money in their Cash App account without it being linked to their personal bank account. As a first time user, the biggest fear of using peer-to-peer payment apps, such as the Cash App, is the opportunity to have your information stolen or hacked. The company does a good job of providing a receipt after each transaction via text message or email to ensure that each payment is made by the account owner. With each receipt there is a cancellation / reporting option to ensure that the account holder has full control over their funds.
In conclusion, the Cash App has made it clear that it intends to expand to other countries and find ways to become more profitable locally and internationally. Its effectiveness is like no other; by making them available in the hands of every smartphone, young adults tend to give the app a trial run because it is free to download in the app store and little or no fees are displayed. The limits seem endless for this growing application whose share price continues to rise from $ 16.98 per share. per share (last year) to currently sit at $ 49.60 per share. I personally believe that the business is only expected to continue to grow from here and out as the younger generation continues to revolutionize how money can be transferred from one another. Its popularity is only expected to grow as the young adults pass on the use of the application to their children as this makes the transfer of money virtual and almost instant. Thinking that money could be transferred from one person to another with an instant without immediately physically seeing the cash seems surreal Cash App is the first of many to start digitizing today’s currency.