The popularity of the Bitcoin-friendly Square Cash App is growing. Now it has managed to outperform its rival, Paypal’s Venmo.

According to data provided by Sensor Tower and Nomura Instinet, for the first time in history the total number of downloads of Square’s Cash app have exceeded the number of downloads of Paypal’s Venmo.

The cumulative downloads of the Cash app’s amounts to 33.5 million, while the number of Venmo’s downloads is 32.9 million. These results were acheived in the context of Square’s excellent growth rate. In July, its service grew three times faster than its competitor’s business.

Experts believe that the leading position should greatly contribute to the growth of the company’s shares value. Now the shares price is up about 726 percent since November, 2015 when the company’s shares were listed for the first time.

Commenting such great results of the Cash app, Nomura Instinet analyst Dan Dolev said:

“If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration. With impressive user growth and ongoing decoupling from Bitcoin, we believe Square’s monetization efforts are increasingly bearing fruit.”

The analyst believes that the payment company has good chances to achieve amazing financial results in the upcoming year. Having reviewed his previously made revenue estimates, Dolev adjusted its 12-month target higher to $86 which means that the company’s revenue is to be 18.8 percent higher over the next year.

Square’s Cash App and Paypal’s Venmo provide their users with one of the most demanded services. Their customers are allowed to send, store and spend money between peers via their financial platforms. As it has been recently announced, Square’s chief financial officer, Sarah Friar, the Cash App has fixed its position as a top-30 app in the App Store. It has been also revealed that in June, users of Cash App spent an impressive sum of $250 million with Cash Card which is 3 times more than was spent in December 2017.

Square is actively expanding the geography of its app. As Coinspeaker has already reported, now users from all the 50 U.S. states can use the app for trading operations with Bitcoin. Without any doubts, such a move helped to boost the app’s popularity.

Nevertheless, as it has been discovered, Cash’s rise in popularity is not affected solely by cryptocurrencies. The payment app could boast its significant growth even despite the decreasing crypto prices and falling number of downloads of such popular cryptocurrency exchanges as, for example, Coinbase.

“Interestingly, this relationship (between Cash and Bitcoin’s popularity/price) seems to go both ways. While Bitcoin prices increased in July and Coinbase downloads accelerated 11 percent, Cash App downloads remained stable at 154 percent, showing little variance from prior months’ growth rates,” Dolev noted.

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam. Views expressed in the comments do not represent those of Coinspeaker Ltd.