Cash App (NOT Revolut) could become the New PayPal 🚀; Regulators plan to crack down on BNPL giants, jeopardizing their path to profits 🤯; (R)evolution: Amazon to shape the future of digital euro 💶
FinTech is Eating the World, 20 September
And happy Tuesday! Today’s issue is massively interesting and focuses on tectonic shifts happening in payments and digital currency space. We’re going to look at Cash App, which could become the New PayPal (reminder why Block has the strongest FinTech ecosystem + 4 juicy bonus reads), regulators planning to crack down on BNPL giants, jeopardizing their path to profits (but why every FinTech must have a BNPL strategy), and major digital currency revolution taking place as a digital euro could be coming with the help of Amazon (more risks or more rewards?). Let’s jump straight into the amazing stuff:
Cash App (NOT Revolut) could become the New PayPal 🚀
The news 🗞 Amsterdam headquartered 🇳🇱 payment heavyweight Adyen will let its US merchants accept online payments via Cash App Pay, Cash App’s in-house online checkout solution. Adyen will roll out the payment method for brick-and-mortar stores next year.
It’s the first merchant services provider to offer Cash App Pay since Block SQ 0.00 made it available to merchants that don’t use Square (which was a massive move on its one).
More on this 👉 Cash App by the numbers:
Cash App has 47 million active users.
This makes up 30% of Millennial and Gen Z consumers in the US.
By 2026, the user base is projected to reach 63.1 million people.
Since December 2020, Cash App has issued over 1 million loans via its app.
Why is this important? 🤔 Last week I talked about Revolut launching Revolut Pay in a quest to take on PayPal and Apple. Adyen & Cash App Pay partnership is yet another proof that the real threat lies somewhere around the Block. In fact, building on earlier thoughts, we can say that Cash App (NOT Revolut) could become the New PayPal 🚀
Here’s more on that + the takeaway + some juicy bonus reads👇🏼