The digitization of the current currency
You may not believe me, but if I told you ten years ago that money could be transferred through your mobile device from one person to another at little or no cost, would you believe me? In the past two years, mobile peer-to-peer payment apps have gained tremendous popularity among teens and young adults in the United States. Many companies are simplifying the payment process between consumers internationally by evolving the peer-to-peer payment system.
Companies like Venmo, PayPal, and Cash App have made it extremely easy for consumers and businesses to transfer money between each other at little or no cost. Cash App is the fastest growing of the three and is now ranked the #1 finance app on the Apple App Store in the US. Its efficiency is second to none, once you have your card information linked to the app, with the use of an email or phone number, money can be sent from one account to another with just the push of a couple of buttons on your phone. intelligent. The person receiving the funds can choose to receive the funds instantly with a small fee (1.0%) or choose to receive the money in 2-3 business days with no fee.
Although the service is not extremely profitable for the business owner, its accessibility allows millions of active users to make peer-to-peer payments on a daily basis. Cash App recently decided to go international by being available in all app stores in the US, Canada, Japan, Australia, and the UK to maximize its worldwide convenience.
This year, Cash App introduced the Cash Card, in which 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 first-time user, the biggest fear of using peer-to-peer payment apps like Cash App is the possibility of your information being stolen or hacked. The company does a great job of providing a receipt after each transaction via text or email to ensure that the account owner makes each payment. Attached to each receipt is a write-off/report option to ensure 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 seek 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 on the app store and features low or free rates. The limits seem endless for this growing application. whose share price continues to rise from $16.98 per share (last year) to $49.60 per share today. Personally, I think the company is only expected to continue to grow from here on out as the younger generation continues to revolutionize the way money can be transferred between each other. Its popularity is expected to grow as young adults will pass on the use of the app to their children, as this makes money transfer virtual and almost instantaneous. To think 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 to begin the digitization of today’s currency.