Last week at SBC Summit Americas, PayNearMe announced the launch of Cash App Pay for use in real-money gaming.
It’s not an ordinary announcement, not when 59 million people, many of them Gen Z – born from 1997 to 2012 – use Cash App instead of traditional banks.
“It is a very large account for stored value,” PayNearMe Vice President, Gaming & Sports Betting Leighton Webb said during the summit. “People use Cash App for everything, from paying for items to taxes. … People are using Cash App basically as their bank. ”
Whereas an app such as Venmo is transactional – people use it to send money to a friend, for instance – Cash App has replaced banks for its users.
