Square is a mobile payment service that uses small attachments to your mobile device to scan credit card to make payments. The company has now announced that it’s first country outside of the US it will be bringing the it’s hardware and software to is Japan. The iPhone is very successful in Japan which makes it the ideal breading ground for Square to take off on a massive scale.
This is a very tactical move for Square who are competing against Paypal who have already got a foothold in the japanese market, unlike Paypal Square doesn’t require the credit or debit card details you just need to swipe the card through the self powered unit to get the details. This device is focused on the small business owner in Japan there are many; which makes it a the perfect place to go next.
According to recent stats the iPhone makes up 66% of smartphone sales in Japan, compared to just 32% for Android devices. Unlike Paypal, Square charges 3.25% per credit card swipe. If the company makes a big dent in Japan we could see the service widening it’s scope and coming to other country fairly soon.
The CEO of Square Jack Dorsey said “I am honored to introduce Square to a country with a rich history of design, innovation and tradition. Square shares the same values and attention to detail in our products”.
Source – TechCrunch