The two most preferred financial applications are PayPal and Cash App. Let’s have a detailed view of what these widely popular apps offer.
What’s PayPal?
Online money transfer service PayPal allows transactions between two individuals or entities. It is user-friendly. One could even pay for their subscriptions, doctor and even do charity. PayPal offers electronic money transfers between accounts and countries. One could make a transaction anywhere across the globe without having to reveal financial information. All transactions made via PayPal are secured.
What’s Cash App?
The Cash App can be utilized for speedy individual or business transfers. However, one needs a supported bank account to receive or transfer money. In addition to that, Cash App allows users to deposit their paychecks straight into their Cash App account. Both Android and iOS users can download it.
Reasons behind PayPal’s global success
As recently as June 2022, analytics firm Apptopia announced its list of top banking and finance apps with downloads. PayPal, with 49 million downloads, was at the top of the list. Whereas Cash App ranked fourth with 35 million downloads. Those who have invested in PayPal are elated. Nevertheless, Cash App investors should not feel discouraged. Cash App has set its monopoly in the U.S. quite well. On the contrary, PayPal is downloaded globally. Many investors may be stunned as PayPal is targeting to have more consumers. It had 429 million active accounts at the end of the first quarter of 2022. It anticipates 10 million net new clients in 2022. This prediction is down from when it expected 15 million to 20 million net new customers in 2022.
