Tag: square market

Mobile payments firm embraces Bitcoin

| April 4, 2014

Square has announced its support for Bitcoin payments through the Square Market platform

Last week, the U.S. Internal Revenue Service classified Bitcoin as a property subject to tax regulation. This sent ripples through the Bitcoin community, largely due to the fact that the digital currency has existed without any significant regulation for the majority of its existence. Now, popular payments processor Square has announced that merchants using its Square Market platform will be able to accept Bitcoin payments. Square is currently only of the most prolific organizations in the mobile commerce space and one of the few that has shown any serious support for Bitcoin.

Fees on Bitcoin payments through the Square Market have not yet been announced

Using the Square Market, a merchant can list items on their websites and pay Square a 2.75% fee on every sale. Square has not yet announced whether or not any kind of fee will be tied to sales made using Bitcoin. Embracing Bitcoin may make Square significantly more popular among the digital currency’s legion of supporters. This popularity is also likely to extend to retailers accepting Bitcoin payments through the Square market.

Square continues to show dominance in the mobile commerce space through its powerful partnerships

Mobile Payments - BitcoinIn 2013, Square processed more than $20 billion in mobile payments. The company has established a strong foothold in the mobile commerce space through its partnerships with companies like Starbucks that have a strong interest in engaging mobile consumers. As people become more mobile-centric, they are beginning to use their smartphones to shop for and purchase products more regularly. Many of those participating in the mobile commerce space have shown interest in Bitcoin and other types of digital currency.

Accepting Bitcoin may have a positive impact on Square’s forthcoming IPO

Square has plans to launch an initial public offering (IPO) within the coming months. The Square Market is currently valued at over $5 billion ahead of this IPO and its acceptance of Bitcoin may have a positive impact on that valuation. Bitcoin does have detractors, however, many of whom criticize the unregulated nature of the digital currency and its attraction to hackers.

Square makes a bold move on mobile commerce

| July 2, 2013

Square shows more aggression in the mobile commerce space

PayPal may soon have unprecedented competition as acclaimed mobile commerce firm Square makes a bold business move. Square has won attention in North America and elsewhere in the world for its approach to mobile commerce. Unlike some companies involved in this sector, Square has an interest in making mobile payments as accessible to consumers as possible. In order to accomplish this goal, the company developed a quarter-sized device that can be plugged into nearly any smartphone. This device allows consumers to make mobile payments as they see fit.

Square Market unveiled

Square boasts of a very productive partnership with Starbucks, which has seen a great deal of success in its adoption of mobile commerce. As Square grows to be more formidable in the highly competitive mobile commerce field, the company has taken steps to set it further apart from others in the sector. The firm has announced the launch of a new platform it calls Square Market. The Square Market exists as a platform through which merchants can list a variety of products, allowing consumers to browse and purchase with their mobile device.

Mobile Commerce - Square Mobile PaymentsPlatform may be welcome among merchants

The Square Market has a somewhat ambitious goal in that it aims to blur the lines between online and offline commerce. Square has been somewhat successful in this endeavor through its other ventures in mobile commerce, but the Square Market represents the company’s boldest attempt to engage consumers in a new way. The Market platform is expected to find a great deal of favor with merchants as it offers them a variety of features, such as the ability to set up an online store nearly instantly.

Square takes aim at competitors

The Square Market is designed specifically to challenge platforms like Amazon, Etsy, and eBay. PayPal is has also been targeted by Square, which has ambitious plans to become more involved in the financial services realm in the future. PayPal has long dominated this sector and has established a strong foothold in the mobile commerce space. Square may find it difficult to dethrone PayPal, but has committed to putting up a good fight with its competitors.