Cash App was the most downloaded P2P payment app in the United States in the first half of 2021. Globally, it was the fifth most downloaded. See who took the #1 spot on the worldwide list here: Top 10 Most Downloaded P2P Payment Apps in the World in H1 2021.
Overview of the P2P payment app market in the US
As a market, the top 10 P2P payment apps in the US increased downloads approximately 38.7% YoY to more than 90M. This total represents a 66.8% increase from H1 2019— a significant two-year gain. As mentioned in our global analysis, the United States is the leader in downloads for the P2P payment app market.
Examining previous H1’s, we see that Cash App has held the #1 position since 2018. Given Cash App’s celebrity partnerships and increased visibility on social media over the past few years, this checks out.
P2P payment apps + trends to watch
Looking ahead, we predict that Cash App may be usurped by one of its competitors next year. Once the fastest growing app, Cash App has seen its US downloads decline over the past couple of months. In June, Cash App’s US downloads were down -10% YoY. Similarly, Venmo experienced a -3% YoY decline in downloads in April + May.
Meanwhile, Google Pay successfully re-launched in 4Q20, taking significant share of new downloads. In June, Google Pay was responsible for 19.8% of total new downloads of the top 10 P2P payment apps in the US. For comparison, Venmo and PayPal generated 18.7% and 18.3% of the market’s downloads, respectively.
To learn more about the data behind this article and what Apptopia has to offer, please reach out to Connor Emmel at firstname.lastname@example.org.
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