Competitor Profile: Block 2024

Competitor Profile: Block 2024

Summary

Block (formerly Square) is a US-based payment services provider that was launched in 2009. Effective from December 10, 2021, Square changed its legal name to Block. However, the company continues to offer its merchant services under the Square brand name, enabling businesses to accept payments through methods including debit and credit cards issued by all major scheme providers, as well as NFC-based solutions such as Google Pay and Apple Pay. For offline payments, the company offers an array of traditional and mobile point-of-sale (POS) solutions for payment acceptance via magnetic stripe, chip, and NFC cards. It also enables online payments through Square Online Checkout and ecommerce APIs.

In addition, Block offers fund transfers to both consumers and businesses through Cash App (formerly known as Square Cash). Individuals can use the app to send money to friends and family, while businesses can use it to accept payments for goods and services. In July 2021, the company launched Square Banking, a set of financial products for businesses that helps them manage their cash flow.

As part of its inorganic growth strategy, the company continues to make acquisitions to complement its existing product offerings. In January 2022, Block acquired global buy now pay later (BNPL) platform Afterpay. The acquisition allowed Block to expand into the growing BNPL market by leveraging Afterpay’s customer and merchant bases.

The report provides information and insights into Block including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its revenue model and performance highlights
• The company's important events and milestones

Scope

• In February 2009, Square was founded in the US.
• In April 2015, Block launched Square Marketing, enabling merchants to target customers via email promotions.
• In April 2020, Block received approval from the Small Business Administration to become a Paycheck Protection Program lender and help the US Government distribute loans to small businesses in the US.
• In January 2022, Block launched its services in Spain.
• In August 2023, Block launched Square Go, an app that helps consumers to connect with more than 250,000 beauty and personal care professionals. Customers can search and schedule appointments with independent service providers in their area through the Square Go mobile app.

Reasons to Buy

• Gain insights into Block business operations and key events.
• Gain insights into its product portfolio, revenue model and performance highlights.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.