Square Inc.’s (SQ) Cash App is expected to top $100 million in sales by 2020 as it dominates rivals like PayPal’s (PYPL) Venmo, according to Nomura Instinet.

Cumulative downloads of Square’s app have surpassed those of Venmo for the first time, according to data from Nomura and Sensor Tower. Now, Cash App has 33.5 million downloads to Venmo's 32.9 million. Cash App downloads grew three times faster than Venmo’s, the data revealed.

Nomura Instinet analyst Dan Dolev estimates that Square’s Cash App will generate $30 million to $40 million in adjusted revenue for the year. Dolev, who has a buy rating on Square shares, raised his estimate and increased his 12-month target to $86, an 18.8% upside from recent share prices. (See also: Square to Rally 20% on Expanding Ecosystem.) 

Square's stock price has more than doubled this year, extending a 193% gain in the last 12 months.

Square’s Strides

"If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration," Dolev wrote in a note to clients. "With impressive user growth and ongoing decoupling from Bitcoin, we believe Square's monetization efforts are increasingly bearing fruit."

During Square’s last earnings call, CFO Sarah Friar said that the Cash App is consistently in the iTunes App Store’s top 30 apps and the No. 1 finance app. Customers spent $250 million with Cash Card in June, or about $3 billion annualized.

Square shares were up 3.3% at $74.74 early in Tuesday’s session.