Cash App Revenue and Usage Statistics (2021)

David Curry

Updated: March 18, 2021

What if you could pay people via email? While it has become commonplace for social platforms to offer one-step payment services, in 2013, Square Cash was an innovative solution that did away with the intermediaries.

Users only had to connect a debit card and then they could pay people through email, without the multiple steps and delays associated with online payments at the time. It launched Android and iOS apps which simplified the process even further, and added mobile number functionality a year later.

In 2015, Square made Cash available for businesses in the United States. This was the first step towards monetization, as businesses were charged 1.5 percent per transaction, while users can send money to friends for free.

Pulling from Jack Dorsey’s other venture Twitter, Square also launched $Cashtags, another unique identifier to pay people and businesses.

In 2016, Square started to flesh out the app, starting with an ability to maintain a balance.

This was done so Square could get costs under control. Due to the zero transaction cost, Square loses money each time a user withdraws money, so maintaining a balance improves customer contribution. In 2015, Square was losing money each time a customer signed up, but in 2017 the average customer generated $15 in revenue, which has since doubled to $30.

It also made the Cash App more competitive with other peer-to-peer solutions, like Venmo, which allowed users to hold funds. However, it went against the original sentiment of Cash App, which was a no-frills, one-step payment service.

Square also debuted the Cash Card in 2017, a debit card for those wary of using their phone to pay for things. Out of the 30 million monthly active users Cash App has, seven million own a Cash Card.

Another addition to the Cash App, and one that has rapidly accelerated revenue generation on the app, is Bitcoin trading. In 2018, Square added the ability to buy and sell Bitcoin, as well as transferring it to a digital wallet, all without the transaction times and costs associated with Bitcoin marketplaces.

It has since become the leading source of revenue for Cash App, accounting for 76 percent of its revenue in 2020. Square made “negligible” revenue in the first few years, according to chief financial officer Amrita Ahuja, but in the past two has recorded significant revenue growth primarily because of Bitcoin.

It also launched zero commission stock trading inside the Cash App, putting it in direct competition with Robinhood. It’s clear that Square wants Cash App to be more than simple payment tool, but a hub for all financial interests.

We have collected data and statistics on Square’s Cash App, read on below to find out more.

Cash App key statistics

  • Cash App generated $5.9 billion revenue in 2020, a 353 percent increase year-on-year, primarily from Bitcoin trading
  • This increase in Bitcoin trading is responsible for Cash App’s 169 percent increase in net profit year-on-year as well
  • Cash App has 36 million monthly active users and over 100 million downloads
  • Seven million users also have the Cash App debit card, which lets users draw money from their Cash App balance

Cash App overview

Launch date 15 October 2013
HQ San Francisco, California
People Jack Dorsey (CEO), Jim McKelvey (director), Amrita Ahuja (CFO)
Industry Fintech
Business type Division
Parent company Square

Cash App revenue

Year Revenue
2018 $0.4 billion
2019 $1.3 billion
2020 $5.9 billion

Source: Square

Cash App profit

Year Profit
2018 $194 million
2019 $457 million
2020 $1230 million

Source: Square

Cash App Bitcoin revenue

Year Bitcoin revenue
Q1 2019 $0.51 billion
Q2 2019 $4.57 billion

Source: Square

Cash App users

Year Users
2016 3 million
2017 7 million
2018 15 million
2019 24 million
2020 36 million

Sources: Fool, Business of Apps, Square

Cash App Card owners

Year Cash Card owners
2019 3.5 million
2020 7 million

Source: Fool

Cash App annual revenue per user

Year Revenue per user
2017 $15
2019 $30

Source: Business Insider

Square vs competitors: payment volume

Note: Each company declares volume differently, so it is not a 1:1 scale of how much transacting is done on each platform. 

Cash App FAQ

How much of Cash App revenue comes from Bitcoin?

76 percent of Cash App revenue comes from Bitcoin

How much have Cash App users stored on the app in total?

Cash App users have stored a total of $1.7 billion (ZDNet)

What countries is Cash App available in?

Cash App is currently only available in the US and the UK

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