Square, Inc.
SQ
is leaving no stone unturned to expand its presence in the digital payment solutions space on the back of its strengthening product portfolio.
This is evident from the company’s latest move of making Terminal API generally available. Notably, the latest launch is the company’s advanced developer tool, which is currently available in the United States, Canada, the U.K.and Australia.
The tool allows connection of all-in-one card payments device, Square Terminal with the developers’ POS, ERP or practice management system, thus, helping them to developcustom-built kiosk for ordering and checkout, medical practice management system to synchronize patient data, andpayments solution among otherbusiness management software with contactless feature in them.
Moreover, this tool works irrespective of operating systems and platforms on which developers have built their POS, ERP and practice management system, which, in turn, will deliver flexibility to developers, while creating business software.
Square to Benefit
With the aid of the latest move, sellers are allowed to accept contactless payments from Apple’s
AAPL
Apple Pay, Alphabet’s
GOOGL
Google Pay, and other payment apps using their Square Terminal devices.
We note that Square is likely to gain strong traction among developers as well as sellers on the back of Terminal API during the ongoing coronavirus pandemic, which has created a niche for contactless solutions to reduce the spread of COVID-19.
Customers, store operators and other merchants, utility providers, and even banking organizations are opting for solutions that limit person-to-person contact in a bid to adhere to the COVID-19-induced social distancing protocol.
Consequently, the pandemic has led to a sharp hike in contactless payments.
Hence, the general availability of Terminal API holds promise for Square in the coronavirus-hit world.
Wrapping Up
Undoubtedly, the latest move has fortified the company’s product portfolio.
Its continued focus toward innovation of its product portfolio has been playing a significant role in shaping its growth trajectory.
Expanding key offerings will help Square to attract more sellers to its platform and accelerated payment transactions further. This, in turn, will drive growth in its gross payment volume (GPV).
Moreover, strengthening payment solutions will continue to aid Square in bolstering its competitive position against PayPal
PYPL
, which is its strong contender.
Currently, Square sports a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
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