Currency exchanges could soon become a travel hassle of the past as Square and similar mobile payment services expand making a valid credit card the only source of money you need to travel.
Square has taken its first step outside of the U.S. for its mobile payment service: it is now live in Canada. The company said today that its mobile card reader/processor is now available nationwide, priced at the same rate as in its home market: 2.75% per swipe. In the U.S. there are now 2 million businesses are now using Square’s system, making a total of $8 billion in annualized payments.
This is a sign that the company has come good on its promise that it would start to make its first international moves by the end of this year — a commitment it made when it announced its latest round of funding, a Series D of $200 million, in September. We have been hearing a lot of murmurs about where Square may go next, with some believing Asia will be next on the cards.
The Daily Newsletter
Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.
Have a confidential tip for Skift? Get in touch