Mobile Payment App Downloads Grew 78% Since Pandemic Started
This is a single insight from This Week in Apps #132 - This Race Isn't Over Yet. Check out the full article for more insights.
A lot of things moved in-app during the pandemic, and while many are now beginning to move back out, making payments is not only staying in-app but is also growing. A lot!
We project September to be the highest month of downloads for the top mobile payment providers in the US, which include Cash App, PayPal, Venmo, and Zelle.
Together, quarterly downloads of the group grew 78% since 2020, from 16 million in Q1 of 2020 to 29 million in Q3 of 2022, according to our estimates.
While all apps grew, not all grew the same.
Zelle, the smallest of the bunch in terms of downloads, saw the most growth in the period, growing a whopping 123%. We estimate Q3 22 downloads to hit 4.9 million.
Cash App, the leader in terms of downloads both before and after, more than doubled as well. We estimate Cash App to hit 12.6 million downloads in Q3, an all-time best.
Venmo and PayPal, two names that are less exciting these days, also grew by an impressive amount. They didn't double, but that just means Cash App is winning this race.
What I'm finding a bit odd is how much emphasis is being put on crypto in an app used by mere mortals, though I suspect its more wishful thinking than real demand for crypto trading.
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All figures included in this report are estimated. Unless specified otherwise, estimated revenue is always net, meaning it's the amount the developer earned after Apple and Google took their fee.