Block Introduces 'Tap To Pay' On Apple iPhone For Hasslefree Contactless Commerce

Block Introduces 'Tap To Pay' On Apple iPhone For Hasslefree Contactless Commerce
  • Block, Inc SQ launched Tap to Pay on Apple Inc AAPL iPhone to its millions of sellers across the U.S. 
  • Available within the Square Point of Sale iOS app, Tap to Pay on iPhone lets sellers of all sizes accept contactless payments directly from their iPhone without additional hardware and cost to the seller.
  • Any Square merchant with a compatible iPhone can accept contactless payments by simply opening the Square POS app, ringing up the sale, and presenting their iPhone to the buyer. 
  • The buyer completes the payment by tapping a contactless payment method such as Apple Pay, another digital wallet, or a contactless credit or debit card. 
  • Today's public launch follows Square's Early Access Program for Tap to Pay on iPhone, which began in June.
  • "As commerce continues to rapidly evolve and contactless adoption in the U.S. continues to grow, Square is focused on ensuring sellers of all types and sizes have the technology needed to delight their customers and never miss a sale," said David Talach, Head of Financial Services at Square.
  • Last week, KeyBanc analyst Josh Beck ran a SoTP analysis across extensive cap FinTech and walked away the most positive on Block, believing the value of the core Square seller.
  • At SQ, he ascribes a modest discount across four segments to support his $90 price target, with the majority of the value driven by the Square seller business at 10x EV/GP.
  • Price Action: SQ shares traded higher by 2.69% at $56.56 on the last check Wednesday.
  • Photo Via Company

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