Technology Stocks

Square Inc. (NYSE:SQ) Looking into Banking as Launches Debit Card for Small Businesses

Square Inc. (NYSE:SQ) has launched a free debit card for the small businesses aiming to help them manage their cash flows better as it pushes into baking. The MasterCard debit card is said to allow the companies to spend the sales funds processed through its payment systems once the sale is made.

Banking and Payments are the Future for Square Stock

For a long period, Square Stock is known as a payment processor, and that’s what has propelled its revenues to over double in the past three years. However, it now seems that Square is gradually but successfully becoming a bank as well.

It has developed several financial tech services which are catered to the small businesses and have been adopted widely even posing a threat to the traditional banking industry. The launch of the debit card is a clear indication that the company is steadily making needed progress to sail in both payment and baking fronts.

The card will give business owners that quicker access to proceeds of the sales instead of waiting for the funds to be transferred as well as reaching their bank accounts. The card is also said to offer a 2.79% discount on the purchase made at a square seller.

The Ability to Become a Force in Both Industries is there

Square is making quietly aggressive but smart moves in both industries all along. For instance, it has developed and improved a suite of fintech services which are catered towards the small-medium businesses. Apparently, it’s undoubtedly winning the battle given the fact that traditional banking is old dwelling on old technology as well as old names and faces.

On the other hand, Square is a new company using new methods and technology in creating new solutions. Besides, its payment services are everywhere providing the consumer with more comfortable and convenient buying and selling of things.

Last year, the company made an application for a bank license to allow small financial firms collect the government-insured deposits. If they get the license, it will offer deposits accounts as well as loans to the small businesses. All the same, currently, Square stock is well placed with the future looking bright in both payments and banking industries.

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