Mobile payment platform company Square, is now publicly available in Japan. The service enables firms to accept credit card payments from mobile devices for a transaction fee of 3.25% for each swipe. This news marks the company’s very first presence outside of North America and is indicative of a broadening of ties between Asia America.
Currently, the Japanese are very excited about the iPhone. Thus this new move from Square to set up shop in the region, renders a potential crossover market. It was the iPhone that first launched on iOS and thereafter, Android. Thus it has been suggested that Square’s new presence is somewhat “bold,” given that Japan already boasts quite a market for mobile payments, pioneered by KDDI and NTT docomo. In addition, PayPal already has a strong presence in Asia, partnering with Softbank in Japan. Nonetheless, Square co-founder and CEO Jack Dorsey said, “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.”
It should also be noted that Square has not rushed expansion procedures. It partnered with Sumitomo Mitsui Card Corporation (SMCC), in Japan to help this transition but that’s it. While it will be opening in Japan, the company has no other immediate plans to launch its presence in other global corners for the immediate future.