How Big a Deal Is the Cash App for Square?
Digital payments company Square (NYSE: SQ) has been a juggernaut in 2020, soaring more than 180% this year at recent prices. The overwhelming catalyst for the company's recent growth has been its Cash App, which allows users to send money to each other as well as make purchases from businesses.
With the world in the grips of the coronavirus pandemic, the utility of tools that let people easily transfer funds in a socially distanced way has only increased. But just how big a revenue driver has Cash App been for Square?
Square started out in 2009 as a company that provided small businesses with portable card readers so that they could accept credit and debit cards. From there, it expanded its offerings for sellers and small businesses, launching Square Register, which turns tablets or smartphones into cash registers; Square Payroll, which provides tools for businesses to manage their payrolls; and Square Capital, which offers financing for the company's clients.
Source Fool.com
