Scheduled meetings with local entrepreneurs may be a step towards introducing Square in the African continent.
Square fundamentally disrupted the card processing industry thanks to its now-ubiquitous card readers, allowing independent merchants to take cashless payments with a minimum of fuss.
Square’s Cash App, which directly competes with PayPal Holdings Inc’s Venmo app, and allows users to send money to each other for free. The app charges fees to businesses when users choose to instantly deposit money from the app into their bank accounts, rather than wait several days. Square has been attracting larger merchants through its newer products such as its lending services unit, Square Capital, and CashApp.
The fin-tech company recently reported to shareholders that it’s bringing more products to markets outside the U.S.
This quarter Square launched Square Terminal in Australia, Canada, and the United Kingdom. It indicated that there is strong product-market fit for Square Terminal in these regions because it provides a portable, all-in-one payments solution for dip and tap payments (which, unlike in the U.S., have been prevalent for years). In the third quarter, sales of Square Terminal outside the U.S. represented more than one-third of sales even though these are much smaller markets.
Dorsey has recently visited all these other countries where Square has presence as part of his global tour. His visit to Africa may be part of this tour.