Not only are consumers attracted to Cash App's broader set of features, but they've become a significant source of revenue for Square. Eventually, Square thinks Cash App could do just about everything a traditional bank does for most people. It's done so by introducing new features to Cash App in its quest to provide more services for the underbanked. While Venmo got a head start over Cash App, Square has quickly caught up and surpassed the payments pioneer in downloads earlier this year, according to Dolev. Importantly, Square is consistently seeing more downloads per month than PayPal's (NASDAQ: PYPL) Venmo, which popularized mobile peer-to-peer payments. The peer-to-peer payments app hit a new record for monthly downloads in July, according to Instinet analyst Dan Dolev. More people are downloading Square's (NYSE: SQ) Cash App than ever before.
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