The launch of Apple Pay last month was seen by many as a possible deathblow to Square’s mobile payments service, but CEO Jack Dorsey told CNN today that he doesn’t view Apple Pay as a competitor at all. In fact, Dorsey says his company is open to all forms of payment methods, and they plan to start accepting Apple Pay next year.
“We’re not building a credit card. We’re not building a payment device. We’re building a [cash] register, and this register accepts all these forms of payments,” Dorsey told CNN in an interview.
Square plans to accept Apple Pay sometime in 2015, but in order to do that, the company will need to upgrade the hardware of its tiny credit card swipers for iPhone, and iPad cash registers. NFC-support will have to be added to Square readers next year, in order to provide seamless transactions between mobile devices.
Square also announced that it’s rolling out its Square Register app globally today, making it available in more than 100 countries. The addition of Square support for Apple Pay is a big get for Apple, as it gives the service more penetration among small business owners who have come to depend on Square’s simple registers to process credit cards.
Apple Pay is currently only available in the U.S., but has already become the most popular mobile payment method among shoppers. Whole Foods and McDonalds have reported big increases in contactless payments processed since its release, and over 500 banks have added support after it was announced. The iPhone 6 and 6 Plus are the only devices that currently support Apple Pay, but Apple is hopes its inclusion on the Apple Watch will help it gain even more market when the timepieces come out in early 2015.