Jack Dorsey's Square launches in the UK

Mobile payments company Square, founded by Twitter's CEO Jack Dorsey, has launched in the UK and is eyeing a Europe-wide expansion.

The platform, which makes it easier for small and medium-sized businesses to take card payments, will sell a card reader that connects to a smartphone or tablet, thus allowing chip and pin or contactless transactions.

Britain, which is the fifth country where Square is available, is a good fit for the company as data from Barclaycard and FSB / BIS show that 70 percent of UK shoppers prefer to pay by card.

“We founded Square to empower small businesses with tools to accept all forms of payment and to make a sale anytime, anywhere,” said Dorsey, CEO of Square.

“We look forward to working alongside the millions of entrepreneurs and thriving small and medium-sized businesses across the UK, especially those who do not yet take card payments.”

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It is estimated that half of the UK’s 5.4 million small businesses don't yet take card payments.

Square started to roll out the service in the UK earlier this year, when it started to accept payment in pounds. It also created the @SquareUK Twitter account

The company charges £39 ($49) for its card reader and a 1.75 pence fee for in-person transactions and 2.5pc for those made online or over the phone.

It allows merchants to check real-time sales data, invoicing and digital receipts.