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Square launches Australian online payments offering

Square launches Australian online payments offering

(18 January 2017 – Australia) Point of sale payment device provider Square is expanding into online payments in Australia, the company has announced.

Square has released its application programming interfaces (APIs) which will allow small companies to establish an online business quickly and use the firm to process online payments. The platform also integrates with other ecommerce vendors such as such as WooCommerce and Bigcommerce.

The company, which is headed by Twitter CEO Jack Dorsey, will be competing with established local and global payment firms including Stripe, Braintree and Pin Payments

The addition of APIs marks the 11th Square product available to Australian businesses, while their US peers can access 19.

Speaking to Fairfax, Square’s Australia country manager Ben Pfisterer said: "Australia is a relatively new market for Square, we only launched 10 months ago, so we didn't want to launch too many products or features at once," he said.

"The US has been live for almost eight years, so they have a more advanced product set, but in the future we hope to align."

According to Pfisterer, 80 percent of the firm’s Australian user base did not use a card terminal, highlighting an “under-served segment.”

Since its launch mid-2016, the firm has grown its Melbourne office by 20 staff, and plans to keep expanding headcount.

In September 2016, the US-based company announced that its revenue was up 41 percent on the previous corresponding period to US$1.3 billion (A$1.73 billion).

Last year, East & Partners’ merchant payments research found that more than 90 percent of Australian businesses favoured “contactless payments” as technology priority, ahead of mobile phone payments, network settlement, online reporting and security/fraud technology.

Available in February 2017, East & Partners expanded Merchant Payments report will provide a comprehensive overview of merchant payment behaviour and engagement with a range of banks and new technology providers.

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