Square brings its mobile payments service to Japan
Jack Dorsey's little card reader that could TM has made its first journey beyond continental North America, and is now available in Japan. In order to make the leap, Square has teamed up with Sumitomo Mitsui Card Corporation, the business that introduced Visa to the country. The transaction rate for the service is 3.25 percent, up half a percent from the 2.75 percent payable in North America and Canada. It's been a long time coming, considering that PayPal Here arrived in Japan over a year ago -- but hopefully now the pair can slug it out in the streets of Tokyo, Super Sentai style.
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Square Arrives in Japan
The Mobile Point of Sale Solution Now Helps Japanese Businesses Grow
TOKYO, JAPAN - May 23, 2013 - Square, the original mobile payment technology designed in California and making commerce easy for everyone, today announced availability in Japan. Square builds simple, powerful tools designed to make it easy to manage business safely and securely. Square Register is a free app that serves as a free full point-of-sale system for businesses of all types and sizes from a mobile device.
Square is available in Japan with the support and partnership of Sumitomo Mitsui Card Corporation (SMCC). Responsible for introducing Visa to Japan, SMCC is widely recognized and respected for its ability to provide a wide range of solutions, including a comprehensive and highly secure credit card and payment solution.
With Square Register, the Square Reader enables businesses to safely and securely accept credit card payments from their mobile device with one simple, low transaction rate of 3.25% per swipe. There are no additional fees.* Funds from swiped payments are automatically deposited in the merchant's bank account, available the next business day for participating banks and within one week for other banks, eliminating the wait for cash flow.
"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. Our tools are made to enable business owners to create a delightful, seamless experience for their customers," said Jack Dorsey, Square CEO and Cofounder. "I look forward to Square assisting in Japan's continued economic growth and entrepreneurship opportunities."
Square's tools empower businesses, from sole proprietors to coffee shops, hair salons, as well as large retailers including Starbucks to:
Keep detailed records and make informed business decisions with in-depth sales data and smart business analytics.
Accept and record cash and credit card payments
Send receipts to customers' phones via text message or email
Showcase their business in the Square directory, an online portal where customers can discover Square businesses in their neighborhood.
Over 4 million individuals and businesses can already accept credit cards with Square in North America, and Square is processing over US$15 billion in annualized payments.
Square Register app is free for download from the App Store and Google Play. Square Reader is available for free on www.squareup.com/jp.
