Block - Competitor Profile

Block - Competitor Profile

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 May 2014, Block launched Square Capital, a facility offering loans to merchants.
• In February 2020, Block acquired Toronto-based AI research startup Dessa to enhance Square’s machine learning and AI capabilities.
• In May 2022, Block acquired all-in-one online ordering and marketing platform GoParrot. GoParrot enables restaurants to connect directly with customers and offer them personalized deals.
• In April 2023, Block launched Tap to Pay features for Android phones in the US, allowing merchants to accept contactless payments directly from their Android phone without any additional hardware.

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.