Payments News

On The Web

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Companies

Square Reports Q1 Sales of $489M, up 59%, but Net Loss Widens to $38M

“Square continued to grow business operations like Square Cash — its instant money transfer service — and its core payments business (subscription and services revenue). The latter was up 126% to $219 million, led by growth of the Square Cash app, Caviar, Square Capital and Instant Deposit for sellers. Square noted that in the first quarter of […]
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Companies

Square sold more than $166M worth of bitcoin in 2018

“Last year, the firm enabled bitcoin buys and sells on its Cash App platform, a rival to PayPal’s Venmo. Still, despite Dorsey’s bullish stance on bitcoin — the billionaire has said bitcoin could be the future of money — Square does not hold that much bitcoin on its own balance sheet, but did however make approximately […]
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Companies

Square Posts Strong Growth for Cash App, Its Entry in the Hot P2P Payments Market

“Square Inc. is rapidly growing into a heavyweight player in the hard-fought market for peer-to-peer payments. The San Francisco-based company had 15 million active users in December for its P2P product, Cash App, a number that doubled from December 2017, the San Francisco-based company disclosed on Wednesday. That’s still well behind the 100 million consumers using […]
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Companies

Square Eyes Product Photos As Its Latest Service To Attract And Keep Merchants

“Square Inc. is getting into the photography business as yet another way to add auxiliary services beyond payments designed to attract and retain merchants. The new service, dubbed Square Photo Studio, enables merchants, or sellers in Square’s lingo, to ship products to a Square studio in Brooklyn, N.Y., where they are photographed by a robotic […]
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Companies

Square Sells Food Delivery App to DoorDash as It Chases Profit

“Square Inc. is selling its Caviar food-delivery app to DoorDash Inc. for $410 million, as the money-losing payments company searches for profits.    The sale was disclosed as part of Square’s quarterly financial report Thursday, which failed to impress investors. The stock fell as much as 9% in extended trading.   For Square, the sale […]
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Companies

Square Integrates With POS Software Goodtill

“Co-founder and director of Goodtill, Oliver Rowbory said, “Goodtill software is helpful and easy for merchants and by partnering with Square we are now able to serve more merchants without compromising on their experience. Integrating our point-of-sale with Square payment tools means a broader set of small and large merchants can utilise the tools they […]
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Companies

Jack Dorsey: Mass Crypto Adoption Will Transform Square’s Business

“Rather than focusing on money transmission or payments, as at present, the firm will likely begin to develop services “like hardware, analytics and payroll and lending,” Dorsey said. Square integrated bitcoin in 2018, when its Cash App began selling the cryptocurrency to users. This service generated over $190 million in revenue over the first two […]
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Companies

Expanding Square’s Platform Beyond Payments

“Over the past couple of years, we’ve released APIs and SDKs that focus on enabling developers to take payments in person , online , and in mobile apps . We’re now expanding our platform and shifting the focus from payments to orders. Orders are now a central component of our platform as they connect payments […]
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Companies

Square Competition Concern Intensifies as Key Customer Bails

“Faucette, who has an equalweight rating on Square, said recent commentary indicates Joe & the Juice moved to competitor Adyen to gain a single global processor across all of its international markets. That suggests Square is still in the early days of developing its brand power in global markets and is less likely to offer […]

On The Wires

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Companies

Invoice2go Partners With Square Capital to Deliver Mobile Access to Business Loans, Helping Small Business Owners Grow

“Invoice2go and Square Capital today announced a partnership that gives Invoice2go customers in the United States a fast, seamless way to access the funding they need to grow their business – from right inside their Invoice2go mobile app. This partnership is the first time Square Capital, the small business loan program created by financial and technology company […]