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Mobile payments company Square launched for UK based businesses today. This launch is the fifth market for Square since launching in the US in 2010 and since expanding to Canada, Japan and Australia
“This is just the start for us,” said cofounder and CEO Jack Dorsey in central London this morning, and he went on to explain further European expansion would be coming in the future.
Given the different regulatory legislation faced by FinTech companies in each nation, Square has to have an individual strategy for each, which requires extensive testing and research to ensure there is a product market fit.
“We’re looking at our next markets, but we need to ensure our next markets are thriving,” continued Dorsey. “When we get that confidence, we’ll continue to build out.”
Founded in 2009 by Twitter co-founder Jack Dorsey, Square offers as its core product the physical Square Reader, which makes it easy for SMB’s to accept card payments through a smartphone or tablet — the Reader connects to the device through the headphone jack. As the newest iPhone 7, doesn’t have a headphone jack, merchants can use the bundled lightning adapter or update to the reader introduced by Square back in 2015, which also supports Apple Pay and Android Pay.
Working in tandem with the Square Reader is the Square Point of Sale app, formerly known as Square Register, which is the software that powers transactions, letting merchants track sales and inventory, view analytics, generate digital receipts, and more. Together the two products are designed to make cash registers and card terminals obsolete.
Square Point of Sale has actually been available in the UK, among other markets around the world, for a few years already, however the full features of the product that’s available in Square’s four main markets were not available. The app allows businesses to record payments made with cash and gift cards, print or email receipts, and access real-time and historical sales data.
Wishing Jack and his team every success in the UK and beyond!
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