Alternative acquirers

Crypto played a key role in Square's 140% year-over-year growth in revenue for the third quarter — and 212% growth in gross profit for the Cash App alone.

MagicCube has launched i-Accept, a software-based replacement for traditional terminals, allowing acquiring banks and financial services providers to offer merchants an option for contactless and PIN payment acceptance through Android devices.

Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor.

Square is moving to help minority and underserved groups by investing $100 million in nonprofit financial institutions and Black-owned businesses.

London-based Rapyd has added Mastercard and Visa acceptance to its European payments platform to help merchants take advantage of retail’s shift to online.

Square is entering the earned wage access (EWA) fray, but it’s taking a tailored approach that aims to drive transaction volume within its Cash App.

Facing Wall Street analysts for the first time after the murder of George Floyd, CEOs of major payment companies joined other financial services firms in promising to improve fairness and opportunities for Black people and other underrepresented groups.

Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans.

Square has begun holding onto a portion of some sellers’ payments, demonstrating how liquidity shortages challenge the recovery for both businesses and the companies that process their payments.

Square has added fuel to its growing Cash transfer service by agreeing to buy Verse, a Spanish P2P app.