What is square up?

Square Up (Now Block, Inc.)

Square Up, more commonly known as Block, Inc., is a financial services and digital payments company founded in 2009 by Jack Dorsey and Jim McKelvey. Initially known for its Square Reader, a device that allows small businesses to accept credit card payments via mobile devices, the company has expanded significantly.

Here's a breakdown of key aspects:

• Core Product: The Square%20Reader remains a foundational product. It plugs into smartphones or tablets, allowing merchants to accept card payments easily.

• Payment Processing: Square handles the entire payment process, including authorization, settlement, and fraud prevention. They charge a processing fee for each transaction.

• Point of Sale (POS) Systems: Beyond the reader, Square offers comprehensive Point%20of%20Sale%20(POS)%20systems that include hardware and software for managing inventory, sales, customer relationships, and more. These are designed for a variety of businesses, from retail stores to restaurants.

• Financial Services: Square provides various financial services for businesses, including Square%20Capital (business loans) and Instant%20Deposit (faster access to funds).

• Cash App: Square also owns Cash%20App, a popular mobile payment service for individuals, enabling peer-to-peer money transfers and other financial activities like investing in stocks and Bitcoin.

• Afterpay: Block, Inc. acquired Afterpay, a "buy now, pay later" (BNPL) service, further expanding its reach in the consumer finance space.

• Name Change: In 2021, Square, Inc. changed its name to Block, Inc. to better reflect its broader scope and focus on blockchain technology, beyond just the "square" shaped card reader. This change also was meant to unify the corporate identity across its various brands.

• Other Ventures: Block is exploring blockchain and cryptocurrency technologies, including Bitcoin, through its TBD54566975 project, aiming to build a decentralized Bitcoin exchange.