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.
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.
If you have questions about how we are defining P2P payment apps, or would like to see our global analysis of the market, visit: Top 10 Most Downloaded P2P Payment Apps in the World in H1 2021.