The digitization of the current currency
You may not believe me, but if I told you ten years ago that money can be transferred via your mobile device from one person to another at little or no cost, would you believe me? In the last couple of years, mobile peer-to-peer applications have gained enormous popularity among teens and young adults across the United States. Many companies are simplifying the payment process among consumers internationally by evolving the peer-to-peer payment system.
Companies like Venmo, PayPal, and Cash App have made it very easy for consumers and businesses to transfer money to each other at little or no cost. Cash App is the fastest growing of the three and is now ranked the # 1 financial app on the Apples Application Store in the United States. Its efficiency is like no other, once you have your card information linked to the app, with the use of an email or a phone number, money can be sent from one account to another with the push of a couple of buttons. on your smartphone. The person receiving the funds can choose to receive them instantly at a small fee (1.0%) or choose to receive the money in 2-3 business days without being charged any fees.
Although the service is not extremely profitable for the business owner, its accessibility allows millions of active users to make peer-to-peer payments to each other on a daily basis. Cash App recently decided to go international by being available on all app stores in the US, Canada, Japan, Australia, and the UK to maximize its practicality around the world.
This year, the Cash app introduced the Cash card, where the consumer can choose to personalize their own debit card and spend the money available in their Cash app account without it being linked to their personal bank account. As a new user, the biggest fear of using peer-to-peer payment applications, such as Cash App, is the possibility of your information being stolen or hacked. The company does a great job of providing a receipt after every transaction via text message or email to make sure the account owner makes every payment. A cancellation / report option is attached to each receipt to ensure that the account holder has full control over their funds.
In conclusion, Cash App has made it clear that its intention is to expand to other countries and find ways to be more profitable locally and internationally. Its efficiency is like no other; Being available in the palm of every smartphone, young adults are inclined to try the app because it is free to download from the app store and few to no fees are presented. The limits seem endless for this growing app whose share price continues to climb from $ 16.98 per share (last year) to $ 49.60 per share. Personally, I think the company is only expected to continue to grow from now on as the younger generation continues to revolutionize the way money can be transferred to each other. Its popularity is only expected to grow as young adults will pass on the use of the app to their children as this makes the money transfer virtual and almost instantaneous. Thinking that money could be transferred from one person to another in the blink of an eye without even physically seeing the cash seems surreal. Cash App is the first of many that begins to digitize the current currency.