Jack Dorsey’s Square Activates Bitcoin Payments for 4 Million Merchants Worldwide

TLDR

• Block’s Square payment system launched Bitcoin payments for 4 million merchants across eight countries including the US, UK, France, and Japan
• Merchants can accept Bitcoin through in-person point-of-sale terminals with zero transaction fees until 2027, after which fees will be 1%
• The system offers four payment configurations: Bitcoin to Bitcoin, Bitcoin to fiat, fiat to Bitcoin, or fiat to fiat
• Online and invoicing Bitcoin payment options are currently in development and coming soon
• Block launched a live map showing all merchants worldwide that accept Bitcoin payments

Block’s payment processor Square launched its Bitcoin payment feature for sellers on November 10. The system allows merchants to accept Bitcoin at checkout through Square’s point-of-sale terminals.

Jack Dorsey, co-founder of Block, announced the launch on X. He stated merchants can now process payments in four configurations: Bitcoin to Bitcoin, Bitcoin to fiat, fiat to Bitcoin, or fiat to fiat.

The service currently works only for in-person purchases at point-of-sale terminals. Jacob Szymik, an account executive at Square, confirmed that online and invoicing options are under development. Updates for these features will come soon.

Square operates in eight countries. These include the United States, France, United Kingdom, and Japan. More than four million sellers use the platform across these markets.

The company first teased Bitcoin payments in October. At that time, it launched a conversion feature allowing sellers to convert daily card sales into Bitcoin. Block had originally planned to roll out the full payment service by 2026.

Zero Fee Period Runs Through 2027

Merchants pay no transaction fees for Bitcoin payments until 2027. After this period expires, fees will start at 1%. This compares to credit card processing fees that typically range from 1.5% to 4%.

The system uses the Bitcoin Lightning Network for transaction processing. This network provides fast settlement times with low fees. Merchants can reduce their typical payment processing costs while maintaining quick cash flow.

Several users have already tested the system. Parker Lewis, head of business development at Zaprite, reported buying coffee at Medici, a Texas coffee roaster. Katie Ananina, chief marketing officer at CitizenX, said she was the first customer to pay with Bitcoin at the same location.

Ananina noted the previous difficulty of getting merchants to accept Bitcoin. She said business owners often needed extensive education about cryptocurrency before agreeing to accept it. The Square integration makes adoption much easier.

Live Merchant Map Now Available

Block also launched a map showing all merchants worldwide that accept Bitcoin. The map displays businesses using Square Bitcoin and other Bitcoin payment systems. Users can access the map through Cash App.

Dorsey encouraged users to convince local Square sellers to enable Bitcoin acceptance. He suggested merchants keep payments in Bitcoin rather than converting to fiat currency.

A July YouGov survey found 37% of respondents in the US and UK view payments as a leading use case for cryptocurrency. The survey included 1,000 participants.

Block reported mixed financial results in its Q3 earnings. Revenue and earnings per share missed analyst expectations. The company has been expanding Square’s capabilities beyond its original focus on small merchants.

Miles Suter, Block’s Head of Bitcoin Product, said the platform makes Bitcoin payments as seamless as card payments. He added that small businesses now have access to financial tools previously available only to large corporations.

The company continues to develop Bitcoin-related products. These include mining hardware and software. Cash App also features tools for users to locate merchants accepting Bitcoin payments globally.

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