Block, Inc. - SQ STOCK NEWS

Block, Inc. (NYSE: SQ) will announce its second-quarter 2022 financial results on August 4, 2022, after market close. A conference call and earnings webcast will follow at 2:00 p.m. PT / 5:00 p.m. ET the same day. Interested participants can register or listen to the live audio via the Investor Relations section of their website. Block focuses on financial services through various platforms, including Square and Cash App, aimed at enhancing economic accessibility for users.

Block invests $3 million CAD in the Indigenous Growth Fund (IGF), marking a key milestone in fostering Indigenous entrepreneurship in Canada. This partnership, facilitated by the National Aboriginal Capital Corporations Association (NACCA), aims to enhance access to capital for Indigenous entrepreneurs via Aboriginal Financial Institutions (AFIs). Block's investment is part of a larger $100 million USD social impact initiative, with the IGF having already allocated $10 million to AFIs since November 2021. This funding is pivotal for promoting economic self-determination and growth for Indigenous communities.

Afterpay partners with HBX to enhance online shopping for luxury and streetwear brands. This collaboration enables Gen Z and Millennials to purchase from over 250 brands while paying in four installments. Since the pandemic, the preference for 'Buy Now, Pay Later' has surged by 925%. The initiative aims to improve accessibility to curated collections and exclusive drops. Afterpay's network includes over 144,000 retailers, with plans to introduce in-store payment options at HBX's New York flagship, providing a seamless omnichannel experience.

Square has collaborated with Apple to enable Tap to Pay on iPhone, allowing sellers to accept contactless payments via the Square POS app using only an iPhone. This feature will be available through an Early Access Program this summer, aimed at enhancing flexibility for sellers and integrating into Square's ecosystem.

Sellers can process payments securely without additional hardware, thus simplifying the payment experience. The initiative aims to support businesses by providing tools that adapt to evolving consumer preferences.

Square has successfully integrated Afterpay's buy now, pay later (BNPL) service for its in-person sellers in the US and Australia, enhancing payment options. Since launching this feature, sellers using Square Point of Sale have seen impressive results, including a 3x increase in average transaction sizes and a 180% spike in new consumers. Key sectors like retail and beauty registered significant sales boosts. Additionally, as part of a new strategy, Square sellers will be featured in Afterpay's Shop Directory, enhancing visibility and potential revenue growth.

Square has launched the Square Register in Ireland, a countertop point-of-sale (POS) solution tailored for businesses with complex needs. This device integrates hardware with embedded POS software, enabling efficient management of both in-store and online orders. Offered at a promotional price of €299 + VAT, down from €599, it features dual touch screens, a built-in card payment terminal, and a two-year warranty with 24/7 support. The launch aims to support Irish businesses in adapting to evolving service demands.

Adyen has expanded its partnership with Afterpay to enhance payment processing across key markets, including the U.S., U.K., Australia, New Zealand, Canada, and Europe. This collaboration aims to support Afterpay’s growth as a leading Buy Now, Pay Later service. Adyen has previously worked with Afterpay since 2018 and provides local acquiring capabilities for merchants using Afterpay in regions like the U.K., France, Italy, and Spain. With 24% global consumer adoption for BNPL services, the partnership is designed to meet increasing consumer demand for flexible payment options.

Block, Inc. (NYSE: SQ) has released its first-quarter results for 2022, now available on its Investor Relations website. A conference call to discuss these results is set for today at 2:00 PM Pacific Time. Block operates a global technology ecosystem focused on financial services, encompassing Square, Cash App, Spiral, TIDAL, and TBD, which provide various commerce solutions and banking services.

Rite Aid has partnered with Afterpay, becoming the first national drugstore chain to offer their 'Buy Now, Pay Later' (BNPL) service. This allows customers to purchase household essentials online and pay in four installments without extra fees when paid on time. Approximately 39% of consumers are using BNPL services more frequently due to recent economic pressures. Rite Aid plans to expand this service to its physical locations soon, targeting a younger demographic consisting mainly of Gen Z and Millennials.