Square’s High Growth Rate Decelerates
Digital payments company Square experienced significant growth driven by the pandemic: The need to deposit and spend dollars by consumers receiving stimulus checks helped the consumer cash application grow to 40 million consumers. While still high, growth slowdowns have been reported now that the government programs have ended.
Watch for new trends to accelerate the industry. The organization’s efforts to bring more merchants on board to accept digital payments will drive growth, as will acceptance of debit payments and split payments (i.e. via AfterPay, which Square in the process of acquiring) and supporting bitcoin. Strategies that help Square become a bigger part of the consumer’s shopping experience will take priority, and likely pay off.