You may not believe me, but if I told you ten years ago that money could be transferred through your cellular device from one person to another with little to no cost would you believe me? In the past couple year’s mobile peer-to-peer payment applications have gained tremendous popularity amongst teenagers and young adults throughout the United States. Many companies are simplifying the payment process amongst consumers on an international level by evolving the peer-to-peer payment system.

Companies such as Venmo, PayPal and Cash App have made it extremely easy for consumers and businesses to transfer money from one another at little to no cost. Cash App is the fastest growing of the three and is now ranked the #1 finance application on Apples Application Store in the United States. It’s efficiency is like no other, once you have your card information linked to the application, with the use of an email or phone number money can be sent from one account to another just in the push of a couple buttons on your smartphone. The person receiving the funds can choose to receive it instantly at a small fee (1.0%) or choose to receive the money in 2-3 business days without being charged any fees.

Although the service isn’t extremely profitable for the owner of the company its accessibility provides millions of active users to make peer-to-peer payments amongst each other on a daily basis. Cash App recently decided to go international by making itself available on all app stores across the US, Canada, Japan, Australia, and the United Kingdom to maximize its practicality across the world.

This year Cash App introduced the Cash Card, where the consumer can choose to customize their own debit card and spend the money available on their Cash App account without it being linked to their personal bank account. As a first time user the biggest fear of using peer-to-peer payment apps such as Cash App is the possibility of getting your information stolen or getting hacked. The company does a great job by providing a receipt after each transaction through text message or email to secure that each payment is being made by the owner of the account. Attached to each receipt is a cancel/ report option in order to ensure the account holder has full control over their funds.

In conclusion, Cash App has made it clear that its intention is to expand to other countries and to find ways to become more profitable locally and internationally. Its efficiency is like no other; by making themselves available at the palm of every smartphone, young adults are inclined to giving the application a trial run because of it being free to download in the app store and little to no fees are presented.. The limits seem endless for this growing application whose stock price continues to raise from $16.98 a share (last year) to currently sitting at $49.60 a share. I personally believe the company is only expected to continue to grow from here on out as the younger generation continues to revolutionize the way money can be transferred from one another. Its popularity is only expected to grow, as the young adults will relay the use of the application to their children as this makes the transfer of money virtual and almost instant. To think that money could be transferred from one person to another in the blink of an eye without ever physically seeing the cash seems surreal Cash App is the first of many to start the digitizing of today’s currency.