The U.S. is just not big enough anymore for Square. Citing the fact that the U.S. is nearing saturation, Square is heading to the U.K. (the world’s 5th largest economy) where they can grow their global payments to the Brits’ high concentration of small and medium sized businesses. That’s Square’s target audience. Square is already in a couple other countries but this is big. Guess they aren’t scared of the Brexit chatter. Go Square, Go Square.
“Square Inc. is rolling out mobile payment services in the U.K., marking its biggest global expansion in a push to boost growth while the U.S. market nears saturation.
Though Square has already planted a flag in Canada, Japan and Australia, the U.K. represents its best opportunity to sign on new merchants and increase sales volume. The world’s fifth-largest economy has a high concentration of small and medium-sized businesses that are Square’s target customers.
The U.K. has “always been an example of entrepreneurship and small businesses, not just in London but all over country,” Chief Executive Officer Jack Dorsey said in an interview. “That’s the same pattern we saw in the U.S. We also now have hardware that’s global so it allows us to move much faster” into foreign markets.
Dorsey has a lot on the line in the U.K. as investors have raised concerns about Square’s profit prospects and long-term growth. While Square made its start selling white, square credit card-readers that plug into iPhones or iPads, allowing food truck vendors and other small merchants to process transactions out in the field, it now faces similar offerings from the likes of PayPal Holdings Inc. In the U.K., Square will compete with incumbent players, such as Ingenico Group SA and iZettle.
“The U.K. market is crucial. For a…”
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