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    Square

    News stories featuring Square:

    Square to launch physical debit card?

    April 18th, 2017

    mPOS provider Square could soon be launching a physical Square Cash debit card, according to Recode. The move would follow the launch of a virtual Square Cash card in December 2016 that lets users make payments using their Square Cash balance anywhere Apple Pay is accepted. “Square may end up incentivising Square Cash users to spend their money at Square brick-and-mortar merchants, since the company would make money from both sides of those transactions,” the publication reports.

    Square arrives in the UK

    March 28th, 2017

    Mobile POS provider Square has launched in the UK. “Whether you have a traditional brick-and-mortar shop or a mobile or online business, you can use Square Reader to take chip and PIN cards, contactless cards and mobile payments like Apple Pay and Android Pay anywhere you are doing business,” the company writes in a blog post. Square is now available in the UK, US, Canada, Japan and Australia.

    Square says ‘back end change’ brought down mPOS service

    March 17th, 2017

    Mobile POS provider Square has blamed a “change we made to one of our back-end systems” for a service outage which affected payments and other services earlier this week. Merchants logged in to Square were advised to “switch to offline mode to continue taking swipe payments”, while those not logged in had to take alternative forms of payment. The company said its merchant authentication service had been “degraded” but has since confirmed “all Square services have been fully restored”.

    Square cuts processing costs to promote Apple Pay

    January 31st, 2017

    Mobile POS provider Square is encouraging small traders across the US to promote Apple Pay to customers by letting them process more than US$12,000 worth of Apple Pay payments for free — a saving of $350 in processing costs. “Sellers can request a free Apple Pay marketing kit with collateral encouraging customers to pay with their iPhone or Apple Watch and staff training materials to educate employees about accepting Apple Pay,” Square says.

    Apple Pay targets US retail and transport expansion

    December 7th, 2016

    Apple Pay is now accepted by 35% of US retailers, representing about 4m locations across the country, Apple VP Jennifer Bailey has revealed during the Re/code Code Commerce event in San Francisco. Square CEO Jack… More

    US consumers’ use of in-store mobile payments set to soar

    November 10th, 2016

    The value of mobile payment transactions made in the US is expected to rise 183.3% this year to US$27.67bn, more than doubling next year and reaching US$314.13bn by the year 2020, research released by eMarketer… More

    US banks unveil money-transfer app

    October 24th, 2016

    America’s biggest banks have launched a money-transfer app to compete with PayPal, Venmo and Square Cash, Reuters reports. Zelle, developed by bank-owned Early Warning Services, is built on top of a payments network that connects the country’s five biggest banks — and others — including Chase, Citi and Bank of America. Another 20 banks will be added early next year. “This is about creating a wide, and inclusive, alternative to cash and checks for everyone,” says Early Warning Services chief executive Paul Finch.

    Square brings contactless reader to Australia

    September 27th, 2016

    Square’s contactless chip reader is now available in Australia, enabling businesses to accept contactless transactions and NFC mobile payments. It will retail at $59 (US$45.11). The company began rolling out its first contactless readers in November 2015. When Square launched in Australia in March this year it initially opted not to make tap-and-go available, saying it would be “too expensive and too big” to fit the company’s signature shape.

    NFC satisfaction high among US users

    September 5th, 2016

    Nearly half of US millennials (45%) have made an NFC mobile payment, compared to 26% of non-millennials (those aged over 35), research from mobile POS provider Square reveals. “The consumers who use NFC are really into it — most cite it as their ideal payment method above credit cards,” Square says in a blog post. 77% of the 1,000 consumers surveyed have not yet tried NFC mobile payments. Nearly 75% of cards processed on Square now contain a chip, up from around 40% in September 2015.

    Square preparing for European launch

    July 20th, 2016

    Mobile POS provider Square has incorporated a business called Squareup Europe in the UK, suggesting that the company could be setting itself up for its first European launch. “Squareup Europe has permission to provide payment services such as transactions with or without credit lines in Britain,” Reuters reports. “Square began beta testing of its payments system in London last month to prepare for an initial launch in Britain.”

    NFC mobile payment users tip more, says Square

    July 8th, 2016

    Customers who pay using NFC mobile payments are more likely to leave a tip, according to a survey by mobile POS provider Square. 73% of customers tipped when using NFC mobile payments compared to 71% who tipped using EMV and 67% who paid using magnetic stripe cards at the point of sale. More

    Square offers weekly payment plan for contactless readers

    June 2nd, 2016

    Square’s contactless chip reader can now be paid for in instalments of US$1 per week for 60 weeks. “We know that cash can be tight as you are getting your business up and running but that doesn’t mean you should miss out on the best technology available,” the company says. CEO Jack Dorsey revealed in March 2016 that Square has received more than 350,000 pre-orders for the reader. The company began rolling out its first contactless readers in November 2015.

    Square “betting big on NFC”

    March 11th, 2016

    Square has received more than 350,000 pre-orders for its contactless chip reader, CEO Jack Dorsey revealed during the company’s fourth quarter earnings call. “We’re seeing a huge demand for the reader and we’re taking full advantage of the shift to chip cards and contactless,” Dorsey said. “We want to be able to associate our logo with the ability to pay with your phone. We’re betting big on NFC.” Square began rolling out its contactless readers in November 2015.

    Square drops contactless for Australia launch

    March 8th, 2016

    Mobile POS provider Square has launched in Australia, enabling retailers across the country to accept credit and debit card payments using their mobile phones. “Australia marks the fourth market for Square, joining the US, Canada and Japan,” the company says. Square’s contactless chip reader does not appear to be available in the country, however, as “tap-and-go would have made the device too expensive and too big,” Square country manager Ben Pfisterer told the Sydney Morning Herald.

    58% of millennials prefer friends to pay cash

    March 3rd, 2016

    Nearly six in ten US millennials (58%) say cash is their preferred way of paying and being paid by friends, followed by P2P payment apps (26%), cheque (8%) and electronic bank transfer (8%), GOBankingRates reveals. Of the 26% who chose P2P payment apps, 11% prefer PayPal, followed by Venmo (6%), Google Wallet (5%) and Square Cash (4%).

    Visa claims 10% stake in Square trading shares

    February 15th, 2016

    Visa has revealed it has a 9.99% stake of Class A shares in mobile POS provider Square. The payment network holds more than 4m of Square’s Class B shares which don’t trade publicly but can be converted to approximately 3.52m in Class A shares, according to an SEC filing. Square filed for an initial public offering in October 2015 and began shipping its NFC device in December.

    Apple begins selling Square contactless reader

    February 4th, 2016

    Apple has begun selling mobile POS provider Square’s US$49 contactless readers in its US stores as well as online. Square unveiled the NFC mPOS terminals during Apple’s WWDC in June 2015 and offered the first 250,000 free of charge. It began shipping devices in December.

    Square rolls out first contactless readers

    November 23rd, 2015

    Mobile POS provider Square is rolling out the first of its $49 contactless readers to 100 US businesses, allowing them to accept chip cards, contactless and NFC payments including Apple Pay. “The first group of businesses to use Square’s new reader include Honey Butter Fried Chicken in Chicago, Philz Coffee in San Francisco, Sump Coffee in St Louis, Cafe Grumpy in New York City and all 20+ merchants in the Urbanspace Vanderbilt food hall in New York,” the company says.

    Square to go public

    October 15th, 2015

    Mobile POS provider Square has filed for an initial public offering following reports that the company was planning to do so in July 2015. “The number of shares to be offered and the price range for the offering have not been determined,” the company says. “Square intends to list its common stock on the New York Stock Exchange under the ticker symbol SQ.”

    Square to begin shipping NFC mPOS in December

    September 25th, 2015

    Mobile POS provider Square will begin shipping its EMV and contactless chip card reader in December 2015. “If you preorder a contactless and chip card reader, Square’s Liability Shift Protection is available to you for free, from the moment you preorder until your reader arrives,” the company says. Square unveiled the NFC mPOS terminals during Apple’s WWDC in June 2015 and offered the first 250,000 free of charge.

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