Square Inc. (NYSE: SQ) recently declared that the company has launched its merchant services in France. French retailers now have early access to Square’s payment processing service.
A big expansion in Europe would make Square’s services well known, an area where its services have yet to be implemented. So far, Square Inc. (SQ) has concentrated on the markets of the United States, Canada, Japan, and Australia. Previously, Square had only started in the United Kingdom.
However, now that this country is not part of the EU, Square Inc. (SQ) would have to choose a different platform to expand its business in Europe.
Square’s services will be available to a limited number of merchants in France without requiring them to enter into long-term contracts. The complete launch is slated for the end of 2021. A small business or medium-sized business will initially benefit from this service.
In a quarterly briefing, Square Inc. (SQ)’s CEO, Jack Dorsey said the company intends to “expand intelligently around the world.”
It is likely that the European direction should be a priority. The company acquired Verse in 2020, which specializes in peer-to-peer payments in Spain. In terms of financial opportunities, SQ has a wide range of services and very significant possibilities for growth in the European payment technology market.
One of Square’s greatest strengths is its mature ecosystem, which offers a complete solution. Software, hardware, and all the services required to manage payments at merchants of all sizes are available from Square.
Square Inc. (SQ) shares were falling -4.67% to trade at $233.28 in the current market at last check. SQ’s stock closed the previous session at $244.64.