Square takes aim at big banks with checking, savings accounts
The payments processor plans to offer both types of accounts to the small businesses that use its app, according to hidden code in a recent update to its app.
May 25, 2021 2 MINS
Square Inc., whose technology has already upended the way small businesses take card payments, is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPMorgan Chase & Co. Square’s shares jumped on the news.
Evidence of the still-unannounced plan appeared in hidden code in a recent update to Square’s app for Apple Inc.’s iPhone and iPad. The code references both types of accounts and indicates that the checking version will integrate with Square’s existing debit card for businesses. It also suggests that Square will differentiate itself by eschewing monthly service charges and fees tied to minimum balances and overdrafts.
Is Square Investable? It s Certainly Tradable and Here s How to Do It Here s why the stock experienced a bit of a pop on Monday.
Behold Square (SQ) , the Jack Dorsey led (not sure if that is or is not a positive) fin-tech giant that has enabled sellers with an ease of transaction that had been revolutionary. From tools that accept payment through contactless terminal hardware, or through either magnetic strip or chip readers, as well as the provision of organizing, reporting and analyzing data for clients as well as creating a next day transaction settlement environment.
The stock, which is up huge year over year but really range-bound for the past six months now, experienced a bit of a pop (5.5%) on Monday after Bloomberg News broke the story that the company may be planning to offer checking and savings accounts to small business customers. According to Bloomberg, evidence of such a plan appears to be hidden code found inside a recent update to Square s app for the Apple
Square s bank accounts lay groundwork for a super app paymentssource.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from paymentssource.com Daily Mail and Mail on Sunday newspapers.
Square benefits from improving economy, Bitcoin investment to post 266% revenue hike
Revenues top $5 billion, profits jump 79% in Q1
0 60 2 minutes read An improving economy and a $170 million investment in Bitcoin drove payment provider Square’s revenue up 266% and profits up 79%. (Photo: Square)
The economic recovery accelerated payment provider Square’s (NYSE: SQ) Q1 2021 earnings, with gross profit up 79% year-over-year on $5.06 billion in net revenues, a 266% increase year-over-year. Excluding Bitcoin revenue, Square posted total net revenue of $1.55 billion, a 44% year-over-year increase.
Gross profit was $964 million, up from $804 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortization was $236 million, up from $9 million a year ago and $185 million in Q4. Seller gross profit jumped 32% year-over-year to $468 million, up from $427 million in Q4, and Cash App gross profit was $495 million, a 171% year-over-year increase and
Operator
Good day, ladies and gentlemen. And welcome to the Square first-quarter 2021 earnings conference call. I would now like to turn the call over to your host, Jason Lee, head of investor relations. Please go ahead.
Jason Lee
Head of Investor Relations
Hi, everyone. Thanks for joining our first-quarter 2021 earnings call. We have Jack and Amrita with us today. We will begin this call with some short remarks before opening the call directly to your questions.
During Q&A, we will take questions from our customers in addition to questions from conference call participants. We would like to remind everyone that we will be making forward-looking statements on this call. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance.