TechFlow news, November 11 — According to Cointelegraph, payment processor Square has officially launched its Bitcoin payment feature, allowing merchants to opt into accepting Bitcoin payments through its point-of-sale systems.
Jack Dorsey, co-founder of Block, stated on X that merchants using Square can now accept various payment types: Bitcoin to Bitcoin, Bitcoin to fiat, fiat to Bitcoin, or fiat to fiat. Jacob Szymik, customer manager at Square, revealed that Bitcoin payments currently support only in-person purchases and point-of-sale terminals, while online and invoice options are "in development."
The service will be free until 2027, after which fees will start at 1%, lower than the 1.5%-4% charged for credit card processing. Square serves over 4 million merchants across eight countries, including the United States, France, the United Kingdom, and Japan.
