Square introduces Bitcoin payment function to 4 million merchants worldwide

Payment service company Square, led by Jack Dorsey, officially launched a Bitcoin (BTC) payment feature, allowing about 4 million merchants to accept Bitcoin as a payment method.

On the 11th (local time), according to Cointelegraph, Jack Dorsey, co-founder of Square's parent company Block, said, "Square sellers can perform cross-payments between Bitcoin and fiat currency at checkout," and "it supports various forms such as Bitcoin-to-Bitcoin, Bitcoin-to-dollar, and dollar-to-Bitcoin."

Square will prioritize supporting Bitcoin payments on offline terminals through this feature, and plans to expand to online payments and billing functions in the future. The company said it will waive fees until 2027 and will charge a payment fee of around 1% thereafter. Currently, credit card payment fees are around 1.5~4%.

After introducing in October a feature that automatically converts a portion of daily sales into Bitcoin, Square has brought forward the launch of the 'Square Bitcoin' service, which includes this payment feature. Currently, more than 4 million sellers are using Square in eight countries, including the United States, the United Kingdom, France, and Japan.

The industry believes this move will serve as an opportunity to drive the spread of everyday payments centered on small and medium-sized merchants. Katie Ananina, Chief Marketing Officer of CitizenX, said, "In the past, to adopt Bitcoin payments, one had to persuade business owners to become Bitcoiners," and "Square's decision this time is a historic move that lowers the barriers to entry for Bitcoin payments."