Block, Inc. - SQ STOCK NEWS

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.

Square has launched Square Loans in Canada, enabling small businesses to access quick funding with a simple application process.

Using transaction data, Square provides customized loan offers with a clear, upfront fee based on daily sales. A survey highlighted that 83% of small business owners find loans critical post-pandemic, and 92% found traditional loans intimidating.

Square is addressing a significant funding gap, having previously financed over USD $9 billion to businesses globally.

Square has launched the next generation of its Square Stand, a countertop device that transforms an iPad into a versatile POS system. This upgrade, available in all eight global markets, features integrated contactless payment technology and a streamlined checkout process. The design focuses on enhancing user experience, catering to both sellers and customers. Currently priced at $249, businesses can finance it with interest-free installments. Square Stand is compatible with various iPad models and offers a comprehensive solution for managing in-person and eCommerce sales.

Square has launched the next generation of its Square Stand, a countertop device that transforms an iPad into a comprehensive point of sale system. Available in eight global markets, the new Stand features integrated contactless payments, a sleek design, and improved checkout flow, enhancing the customer experience. The device combines Square’s software and hardware, allowing sellers to manage both in-person and ecommerce transactions efficiently. With a starting price of $149, the Square Stand aims to meet modern consumer purchasing preferences while simplifying transactions for businesses.