Payment device Square Reader launches in Australia
The payments technology company Square has launched it's Square Reader product in Australia. The square-shaped reader is a small device that attaches to a phone or tablet to process credit and debit card payments.
Square Reader plugs into a headphone jack of an iOS or Android device and allows a merchant to process payments quickly and cheaply. The reader costs A$19 and sellers pay 1.9% per transaction, which is not dependent on the card used. American Express cardholders, rejoice.
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The reader, which can be used from a market stall through to an on-the-road business, works with Visa, MasterCard and American Express, and the local launch means the funds are processed quickly into an Australian bank account.
Twitter founder and current CEO, Jack Dorsey, is the man behind San Francisco-based Square. The company was founded by Dorsey and Jim McKelvey in 2009 in an attempt to revolutionise the payments systems in use. According to the company, it has processed tens of billions of dollars through the card reader.
Square went public on New York Stock Exchange under the ticker "SQ" in November last year. It gained a lacklustre response from investors and ended up with an IPO pricing at US$9 a share, rather than the hoped for US$13 per share. This valued Square at under US$3 billion -- half the valuation it received from private investors the year before.
In Australia, the company launched Square Register in 2014 before opening a local operation with customer support in 2015. Square Reader is the second product to launch in the market.
The move into Australia is similar to the thought process behind other local launches: high adoption rates and an entrepreneurial mindset. "Australia has always been an exciting market for Square to launch in, with roughly 2 million SMBs, high smartphone and tablet adoption, and a strong entrepreneurial and startup community," Country Manager Ben Pfisterer said.
Square has tied itself to a bunch of local businesses for launch, positioning itself as a company that is supporting the little guys. Dorsey said in an emailed statement: "With the launch of Square Reader in Australia, we’re empowering local sellers with the tools they need to start, run, and grow their businesses."
It will have competition in the market, with a group of payment disruptors already up and running in Australia -- apparently, also trying to tap into the early adopter mindset of Australians. Paypal has a huge presence locally, and other digital payment companies include Braintree, and local startups Mint Payments and Tyro Payments.
In good news, Dorsey is used to a decent battle.
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