Cash App fueled Square's performance in Q2.Cash App's soaring performance enabled Square's total net revenue to grow by 64% YoY to reach $1.92 billion despite its gross payments volume falling 15% in the quarter as Square's merchants faced difficulties amid the coronavirus pandemic.
The US government's stimulus payments may have helped drive Cash App's success, but the platform may be positioned to retain its increasing user base as consumers deplete their stimulus funds. consumers to receive their US stimulus payments via Cash App accounts, likely bringing new users and more funds to its platform.
Many of the platform's new users have engaged with more than one of its services, which may help Cash App ensure users don't abandon its platform after they spend their stimulus funds. Square reported that new users were taking advantage of more services — like Cash Card, direct deposits, and Bitcoin investing — in their first month.
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