An iOS app update reportedly contains language about two forthcoming bank accounts from Square—which, if true, put it ahead of the competition.

Square announced a platform to help developers create DeFi applications in a bid to recreate its crypto revenue success with DeFi.

The payfac model has catapulted into the mainstream, thanks to payments disruptors like PayPal, Square, and Stripe. The growth in the number of payfacs, and in the payment volume passing through them, is reshaping key relationships within the payments ecosystem. But the model bears some drawbacks for the diverse swath of companies adopting it, as well as for the merchants that work with them.

The small-business-centric point-of-sale solution can push PayPal further into in-store payments and help it court more small sellers—though it’ll face competition from players like Square and Stripe.

Payments service providers are building an array of financial services to compete with financial institutions (FIs). Lending, bank account products, issuing, and other services that have been FIs’ bread and butter are being challenged in a bid to add more revenue opportunities and engender greater loyalty. These payment disruptors, such as Square, Stripe, and Shopify, are using their existing relationships with small businesses to attract clients away from FIs and persuading them to use their own financial offerings.

Customers can make instant transfers between their Square Savings and Square Checking accounts for free, and are also spared any account minimums, overdraft fees, and recurring fees. Also, businesses soon will be able to deposit checks directly into their account through the Square Point of Sale app.

Square has not confirmed any upcoming release of checking or savings accounts, but has reiterated that it will provide loan and deposit products to businesses through its recently launched small business bank. An expansion into deposit solutions could help bolster Square as a formidable contender in an increasingly competitive market.

But Square struggled to translate interest into a surging network or industry-leading engagement, counting the smallest audience and low volume relative to major wallets—positioning that hasn’t changed for years, though monthly active users grew by 50% annually in December 2020, per data sent to us by Square.

Industrial banking licenses: Square, which offers payments services to small and medium-sized businesses (SMBs), got approval for an industrial banking charter in March 2020 and launched a small business bank a year later. Having a bank allows Square to collect deposits from its SMB customers, giving the fintech access to affordable funds that it can later lend out to SMBs.

The American Express-owned lender added a high-yield checking account for small and medium-sized businesses, giving it an opportunity to cross-sell lending products and deposit accounts.

This report breaks down the essentials of B2B branding and provides best practices and case studies for B2B companies of any size, young and old, across sectors.

With nearly 30% of US P2P mobile payment users on Cash App this year, the Square-owned company is certainly gaining headway. As of the end of December 2020, Cash App had stored balances of approximately $2 billion from its customers, with much of the revenues for Square coming from Bitcoin revenues—an indication that the platform continues to shift into cryptocurrency.

“We’ve built a robust FAQ as a one-stop shop for policies, services, and support,” said Lauren Weinberg, global head of marketing and communications at mobile payment platform Square. “This document is updated daily, so employees stay well informed on everything from our work-from-home policies, to digital tools and services, to the virtual hiring process.

Industrial banking charters: Square, a fintech offering payment services to small and medium-sized businesses (SMBs), got approval in March 2020 for an industrial banking charter; a year later, it rolled out a business bank. The charter allows Square to collect deposits—a low-cost funding source that it can subsequently lend out to SMBs.

Article: Square considers developing innovative cryptocurrency wallet device. Article: UK regulator extends anti-money laundering deadline for crypto trading.

Square, another client, contributed to 70% of its net revenue in 2020. Square also experienced notable growth in 2020—its gross payment volume climbed 6% YoY to reach $112.3 billion in the period. But the firm warned that any reduction in its business with Square could have an adverse effect on its own business.

Square said by giving employees the option for permanent remote work, it’s helping reduce commute emissions. Apple, which claims carbon-zero for its corporate emissions, says it is reducing employees’ carbon footprints by allowing them to work from home some days and by encouraging mass transit and shuttles.

Its vast user base can help QuickBooks fend off competitors like Square as it pushes deeper into the in-store payments space. Offering a new hardware solution that's compatible with existing QuickBooks software might be appealing to merchants—it’d let them handle all transaction processing and accounting from one platform.

Twitter CEO Jack Dorsey (who also heads Square) suggested Bitcoin payments could soon be accepted on the social media platform. And payments giant PayPal just hired former Chainanalysis exec and crypto expert Jesse Spiro to lead its crypto regulatory affairs, likely to join its budding crypto business unit.