Last September, we learned that Square (the POS and digital payments company led by the now ex-CEO of Twitter, Jack Dorsey) was preparing, twelve years after its foundation, its landing in Spain, which thus became the fifth European country in which it would operate (after France, Ireland, Norway and the United Kingdom).
At that moment, began testing the market with an ‘Early Access Program’ to its catalog of services for a limited number of Spanish companies. Now, after five months of making contact, Square has announced the launch of its products in the Spanish market officially and unlimited.
Landing in the country of 99% of SMEs culminates
And its catalog is characterized by offering a complete and integrated payment solution: from online payment tools to devices for face-to-face payment through mobile or card (Square Terminal, Square Register, Square Reader…), passing through platforms for create online stores or to manage invoices, appointments and inventory.
It makes a lot of sense that Square is interested in Spain: since practically all of our companies (99%, according to their own figures) fall into the category of SMEs, precisely the area in which the American company is specialized.
Furthermore, according to Jason Lalor, Square’s CEO for Europe, Spain is completing its payment digitization process:
“Before the pandemic, 87% were analog payments and currently this figure is around 54%.”
According to Daniel Nicolas, Square’s head of sales for the UK and the EU, his company offers a “wide range of payment solutions”, covering hardware, software and the cloud, always offering “fair, transparent and no surprises” rates so that Spanish SMEs can save time and money, and improve their logistics chain.
The Spanish market was the one that gave birth to Verse, the ‘Spanish PayPal’ acquired by Square in 2020
The announcement has taken place only a few days after Square and Spain appeared together in the headlines for another very different fact: the approval of the Bank of Spain to the acquisition of Afterpay, an Australian company pioneering the “buy now, pay later” market by Square; such approval was the last hurdle to be overcome by Dorsey’s company to complete the operation.
Square’s biggest change since its September landing is that has ceased to be the parent company: Since Dorsey has parted ways with the Twitter address, the old Square has become Block, being the new Square a mere division of the same (in a similar way to what happened with Google and Alphabet), as are the music platform Tidal or the open platform for blockchain developers called for now ‘TBD54566975’.