Square Enables Bitcoin Payments for Merchants as Adoption Grows
Square has introduced a service allowing U.S. merchants to accept Bitcoin payments seamlessly, promoting broader cryptocurrency use.
Square, now part of Jack Dorsey’s Block Inc., has unveiled a feature that allows local businesses in the U.S. to accept Bitcoin at checkout, maintain it in a built-in wallet, and enjoy zero fees on transactions until January 1, 2027. This effort aims to promote Bitcoin’s usage as a transactional currency.
Announced on Wednesday, Square’s latest Bitcoin service empowers merchants to receive Bitcoin (BTC) payments, converting a fraction of their sales into Bitcoin automatically. The offer is currently limited to U.S. merchants, excluding New York State, and does not cater to international sellers.
The initiative could significantly influence crypto adoption, as Square supports over four million merchants on its payments platform. This move aligns with Block Inc.’s broader cryptocurrency strategy and reflects Dorsey’s longstanding advocacy for Bitcoin.
Dorsey has previously integrated Bitcoin functionalities within Cash App, Block’s peer-to-peer payment system, and is actively working on a cost-effective open-source Bitcoin mining solution.
Block Inc. boasts a balance sheet including 8,692 BTC, placing it as the 13th-largest public Bitcoin holder globally.
Square has emphasized the resurgence of cryptocurrency in payments, motivated by a friendlier regulatory framework in the U.S. and an increasing acceptance of digital currencies as a trustworthy asset.
According to findings from eMarketer, it’s predicted that the usage of cryptocurrencies for payments in the U.S. will climb by 82% between 2024 and 2026, indicating a rising trend in this sector.
A recent YouGov study highlighted that consumers in both the U.S. and the UK are increasingly recognizing payment capabilities as a primary application for cryptocurrencies. Furthermore, innovations in AI are anticipated to expedite this adoption, as AI tools begin to merge financial services with transaction functionalities.
Payment leader PayPal is also broadening its peer-to-peer crypto features, enabling customers to send and receive payments in BTC, Ether (ETH), and its stablecoin, PYUSD.
