July 28, 2021

How American FinTech Square (Jack Dorsey) wants to conquer French retailers

The American company specializing in digital payments Square, founded and directed by Jack Dorsey, the boss of Twitter, announced Tuesday a launch in France in “preview” for SMEs. The startup founded in 2009, which has since established itself in millions of shops, cafes and businesses in the United States and around the world, offers merchants a connected payments toolbox, which includes a physical terminal, checkout, sales analysis, or a customer directory.

On competition with traditional credit card terminals

The system makes it possible to cash transactions in physical in a business but also on the Internet, and competes with the traditional terminals of credit cards in particular on the structure and the amounts of the commissions. Square saw the transaction volume of its merchant customers increase by 144% in April 2021 compared to the same month a year earlier, according to the Wall Street Journal. Its market capitalization tripled with the pandemic and now exceeds $ 100 billion. “Places in the Square Preview program are limited and will be allocated on a first come, first served basis”, specifies the press release from Square.

Square’s material is provided free of charge to merchants participating in the “Preview” program, before the products are made available to the general public in France. “Later in 2021”. “We look forward to partnering with the rich French community of business leaders to refine and perfect our products prior to their launch”, said Jason Lalor, executive director of Square Europe, quoted in the press release.

FinTech payment specialists have taken full advantage of the boost given to e-commerce by the Covid-19 crisis. According to a study by the firm Accenture published last year, global revenues generated by payment activities are expected to increase by $ 500 billion over the next six years to reach $ 2 trillion in 2025.