AI Insights · Timothy · July 2024
Q2 2024 P2P Payments App Performance on iOS in the US
The second quarter of 2024 saw varied trends in the peer-to-peer payments category for iOS users in the United States. Sensor Tower's latest data provides insights into the downloads and active users of the top apps in this segment.
The peer-to-peer (P2P) payments landscape remains a dynamic field, with several key players vying for users' attention on the iOS platform. According to the latest data from Sensor Tower, we've observed the performance of the top P2P payment applications in the United States during the second quarter of 2024.
Starting with Cash App, despite generating no revenue this quarter, the app maintained a solid download count, ranging from 287K to 303K weekly. The weekly active users experienced fluctuations, starting at approximately 13.3M in the first week of April and peaking at 13.7M by the end of that month. However, there was a slight downward trend towards the end of the quarter, settling around 12.9M active users.
For Venmo, the download numbers were slightly lower than Cash App's, with weekly figures hovering between 171K and 192K. Weekly active users showed a modest growth from the start of the quarter's 11.7M to a high of 12.3M, before slightly dipping to just under 11.6M by the end of June.
Zelle showed consistency in downloads, with numbers ranging from 156K to 177K across the quarter. The app's weekly active users started at 812K, and despite minor ups and downs, they ended the quarter on a high note with 822K users.
OPay-We are beyond Banking, while having much lower download and active user numbers compared to its competitors, showed a steady presence. Downloads varied from 7.8K to 10.4K weekly, and active users oscillated between 93.7K and 108K, showcasing a resilient small-scale user base.
Lastly, PalmPay - Transfers, Bills had the lowest download numbers among the top five, ranging from 6.4K to 9.5K. The weekly active users count saw a peak of 108K in mid-June, contrasting with a starting count of 103K in the first week of April.
In conclusion, while revenue data was not a factor this quarter, the trends in downloads and active users provided by Sensor Tower indicate that P2P payment apps continue to engage a significant number of iOS users in the US. For more detailed insights, Sensor Tower's platform offers in-depth analysis of the app market.
