Square App Is Closing In On PayPal’s Venmo

Square may be closing in on PayPal a bit, with the company’s monthly downloads of the Square Cash app increasing at a faster rate.

Barron’s, citing a research report issued this week by Nomura Instinet, reported that monthly downloads of Square Cash are happening at a faster clip than PayPal’s Venmo mobile payment service.

According to the Wall Street firm, Venmo’s lead has shrunk from around five million in the middle of last year to around one million since July. Nomura Instinet reported that total downloads for both services is in the 30 million range and that Venmo is still in the lead. Since the beginning of 2016, Square Cash downloads are reportedly up 128 percent, compared to 74 percent for Venmo. According to analysts, part of the growth is due to Square enabling bitcoin buying and selling on its platform. Nomura Instinet maintains a Buy rating on Square and a $65 price target, noted the report.

As its downloads are growing, Square is expanding its service into new markets. In early April, the company announced that its peer-to-peer (P2P) Cash app is now available in the U.K. – the , the app’s first international market, according to news from MarketWatch at the time.

As in the U.S., users across the pond can now send and receive money without paying a fee. The funds will show up by the end of the next business day. However, the app doesn’t enable users to buy or sell bitcoin, which U.S. users are able to do, and the Cash debit card won’t immediately be available in the U.K.

“Sending and receiving money is where [the] Cash app began, and it’s grown into a service with mass appeal in the U.S. as a result of its speed and ease of use,” a Square spokesperson said in a statement to MarketWatch. “We’re excited to bring this to more international markets, and today is only the start of what we plan to offer as we continue to empower individuals by providing greater financial access to all.”