Jack Dorsey believes the services ecosystem Square is building out is the firm's strongest competitive differentiator:
Dorsey also noted that Square is excited about its"increased velocity in ... markets outside the United States" — specifically pointing toward the opportunity in Japan. In March, SquareSquare Stand and Square chip card reader in Japan, and partnered with Japanese bank SMBC to allow the bank to distribute Square readers to sellers from all of its branches in the country.
Dorsey highlighted the upcoming 2020 Olympics International Rugby League in Japan as"a perfect storm of situation where we can really see a potential for a lot of growth," as people from across the globe will be attending and expecting to pay"the way that they know how to," which can tend to be with card or a phone.
Japan is seeing a government-fueled shift away from cash payments and could ultimately serve as a blueprint for Square to expand into other markets with similar conditions.1. Sign up for the Payments Briefing to get it delivered to your inbox 6x a week. >>pass to Business Insider Intelligence and gain immediate access to the Payments Briefing, plus more than 250 other expertly researched reports.
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