Square Ventures Overseas: First Stop, Japan (May 23, 2013)
Mobile payments platform Square has ventured into its first market outside North America, becoming publicly available in Japan, the company announced today. “I am honored to introduce Square to a country with a rich history of design, innovation and tradition. Square shares the same values and attention to detail in our products,” said Jack Dorsey, Square CEO and co-founder. “I look forward to Square assisting in Japan’s continued economic growth and entrepreneurship opportunities.”
While Square’s was one of the first mobile card readers to hit the market in the U.S, such products are relatively common in Japan. In May 2012, PayPal partnered with Softbank to take its PayPal Here mobile card reader to the country. But Square’s partner for the Japanese expansion, Sumitomo Mitsui Card Company, is no stranger to helping big names in payments come to Japan; the company helped introduce Visa to Japanese consumers.
Square’s expansion follows the company’s October debut in Canada, which marked its initial foray outside the U.S. The company has thus far steered clear of Europe, where a number of startups and established companies are jockeying for space in a crowded market.
