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Block delivers strong Q1, hails Cash App’s growth potential
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Block’s gross payment volume (GPV) surged 31% year over year (YoY) in Q1, hitting $43.5 billion, per its shareholder letter. GPV growth accelerated slightly from the same period last year (+29% YoY) but slowed from last quarter (+45% YoY).
Cash App came up repeatedly during Block’s earnings call, and we expect the number of US Cash App users to increase 15.3% YoY and hit 47.8 million in 2022—slower than last year’s 22.1% YoY growth.
Block executives called out two growth opportunities for Cash App: social integrations and global expansion.
CEO Jack Dorsey noted the potential for stronger social components for Block—and more specifically Cash App. He also highlighted Block’s acquisition of Spanish P2P payment app Verse, saying that Block would use Verse to inform its next moves.
Insider Intelligence's Adriana Nunez has the full story.
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BRIEFING HIGHLIGHTS
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RESEARCH IN FOCUS
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Super Apps in Banking
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In this report, we explain how super apps will transform the digital customer experience, examine the disruptors banks will face when entering the super apps market, and lay out strategies banks can use to navigate the rise of super apps.
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Get the full report →
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Small-Business Payment Disruptors
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In this report, we evaluate the major groups of providers competing to serve small businesses, examine wholesale changes in the approach to SMB merchant services, identify specific areas of investment set to dictate innovation in 2022, and spotlight best practices for payment service providers (PSPs).
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Get the full report →
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