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Square Launches Tap to Pay on iPhone for US Sellers

09/28/2022 | 09:11am EST

With new solution, Square makes it even easier for sellers to get started and provide a convenient commerce experience

Square today launched Tap to Pay on iPhone to its millions of sellers across the U.S. Available within the Square Point of Sale iOS app, Tap to Pay on iPhone lets sellers of all sizes accept contactless payments directly from their iPhone, with no additional hardware required and at no additional cost to the seller.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005406/en/

Tap to Pay on iPhone Transaction (Photo: Business Wire)

Tap to Pay on iPhone Transaction (Photo: Business Wire)

Through Tap to Pay on iPhone, Square is providing a solution that makes it easier for both new sellers and established businesses to conduct in-person commerce. Any Square merchant with a compatible iPhone can accept contactless payments by simply opening the Square POS app, ringing up the sale, and presenting their iPhone to the buyer. The buyer completes the payment by tapping a contactless payment method such as Apple Pay, another digital wallet, or a contactless credit or debit card. Tap to Pay on iPhone uses the built-in features of iPhone to keep the business’ and customers’ data private and secure. When a payment is processed, Apple doesn’t store card numbers on the device or on Apple servers.

Today’s public launch follows Square’s Early Access Program for Tap to Pay on iPhone, which began in June. Over the course of the program, a wide range of sellers found new value in the ability to seamlessly and securely conduct business with no additional hardware:

  • Mobile professionals like contractors and caterers gained the ability to securely take contactless payments onsite at their project location.
  • Retailers found new efficiency through line busting and the convenience of helping shoppers complete their purchase wherever they are in store.
  • Hairstylists and beauty professionals benefited from the speed and ease of enabling customers to pay for their services right from their chair.

“Deploying Tap to Pay on iPhone has really enhanced the retail experience we’re able to provide our shoppers, in multiple ways,” said Franco Salerno, owner of Warrington, Pennsylvania-based Darianna Bridal & Tuxedo and an Early Access Program participant. “Our young customer base would rather use their digital wallets or contactless cards, and rolling out Tap to Pay on iPhone has helped us meet our shoppers’ preferences with a convenient solution that also brings an air of sophistication to the buying experience. What’s more, given our store’s large footprint, we’ve been able to speed up purchases by bringing the checkout process to wherever our shoppers are.”

Powered by Square’s elegant, intuitive software, Tap to Pay on iPhone gives sellers a flexible, mobile solution that can adapt to any environment while meeting evolving consumer preferences for contactless payments. Shoppers also benefit from Square’s software, which creates a smooth, straightforward checkout experience that provides them with all the information needed to help them complete their purchase with confidence.

“As commerce continues to rapidly evolve and contactless adoption in the U.S. continues to grow, Square is focused on ensuring sellers of all types and sizes have the technology needed to delight their customers and never miss a sale,” said David Talach, Head of Financial Services at Square. “Tap to Pay on iPhone offers a new level of accessibility for merchants to begin taking payments in minutes and processing transactions in seconds from anywhere in the store or on the go without the need for a separate payments device.”

Tap to Pay on iPhone is the latest addition to Square’s growing slate of software-powered commerce tools and provides new merchants with an easy entry point into the company’s broader ecosystem of innovative business offerings. With just the Square POS app and a compatible iPhone, sellers can gain access to a fully integrated technology stack that helps them start, run, grow, or adapt their businesses.

Square sellers and new merchants can begin using Tap to Pay on iPhone today by downloading the Square POS app on compatible devices. For more information, please visit squareup.com/get/tap-to-pay.

About Square

Square helps sellers more easily run and grow their businesses with its integrated ecosystem of commerce solutions. Square offers purpose-built software to run complex restaurant, retail, and professional services operations, versatile e-commerce tools, embedded financial services and banking products, buy now, pay later functionality through Afterpay, staff management and payroll capabilities, and much more – all of which work together to save sellers time and effort. Millions of sellers across the globe trust Square to power their business and help them thrive in the economy. Square is part of Block, Inc. (NYSE: SQ), a global technology company with a focus on financial services. For more information, visit www.squareup.com.

ę Business Wire 2022
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Sales 2022 17 504 M - -
Net income 2022 -578 M - -
Net cash 2022 1 233 M - -
P/E ratio 2022 -66,1x
Yield 2022 0,00%
Capitalization 40 776 M 40 776 M -
EV / Sales 2022 2,26x
EV / Sales 2023 1,89x
Nbr of Employees 8 521
Free-Float 88,8%
Duration : Period :
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Mean consensus OUTPERFORM
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Last Close Price 63,14 $
Average target price 93,33 $
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