Square’s Cash App and PayPal’s Venmo has seen a surge in usage during the pandemic as people are finding new use cases for them; people are tipping service workers, donating to causes and patronizing business that offer digital services; these services also allowed users to get the stimulus checks deposited directly into their accounts which helped some people get their money more quickly; Square disclosed in their latest earnings call that direct deposit volumes grew by three times in April as users moved more than $1.3 billion into the Cash App; both Square and PayPal said their apps are popular with unbanked and underbanked populations and the companies are looking to add even more bank-like functionality to their apps. MarketWatch
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.