Square is expanding into its first country outside North America: Japan.
The mobile payments service announced Thursday that it is now available for use in Japan thanks to a partnership with Sumitomo Mitsui Card Corporation, a leading credit card company in the country. Merchants in Japan will be able to accept credit card payments through the Square Reader with a swipe fee of 3.25%.
“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," Jack Dorsey, Square's CEO and cofounder, said in a statement. “I look forward to Square assisting in Japan’s continued economic growth and entrepreneurship opportunities.”
Square, which launched in 2010, officially became an international business at the end of last year when it launched in Canada. The company is currently valued at more than $3 billion.