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Square launches Square Reader in the UK

Tuesday, March 28, 2017 6:09
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(Before It's News)

Payments company Square Inc (NYSE:HQ) has launched its Square Reader payments device in the UK.

The launch marks the first European venture by the company that is helmed by Twitter Inc (NYSE:TWTR) chief executive, Jack Dorsey.

It is the fourth territory outside of the US in which payments device is available – the others being: Canada, Japan and Australia.

Dorsey said that a roll-out to other European countries would happen at some point.

“We’re looking at our next markets, but we need to ensure our next markets are thriving,” Dorsey said.

“When we get that confidence, we’ll continue to build out.”

The company’s flagship product is the Square Reader, a little gizmo that accepts card payments via a smartphone or tablet device.

Square takes a cut of every transaction, and will charge UK merchants 1.75% on each “in person” transaction, compared to a 2.75% commission charged in the US.

The company’s app, Square Point of Sale, has been available in the UK for some time.

The Square reader will go up against Sweden’s iZettle, which has been available in the UK for five years, and SumUp, which is backed by Groupon Inc (NASDAQ:GRPN).

It will also do battle with “tap to pay” card readers, which are steadily augmenting “chip and PIN” payment devices throughout the UK. 

Story by ProactiveInvestors


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