Square, the mobile payments company, announced that they are expanding to Japan. This means that Square is now available in three countries including the U.S. and Canada. Square is being supported by the Sumitomo Mitsui Card Corporation, which is the same company that helped launch Visa in Japan.
Square is charging a 3.25% cut of the transactions in Japan, just like they do in North America. No contract or additional fees are required in Japan either.
In Japan, Square will face-off against numerous mobile payment companies. PayPal launched a service with SoftBank in 2011 called PayPal Here. Square is also going to compete against Rakuten.
?I am honored to introduce Square to a country with a rich history of design, innovation and tradition. Square shares the same values and attention to detail in our products. Our tools are made to enable business owners to create a delightful, seamless experience for their customers,? stated Square co-founder and CEO Jack Dorsey. ?I look forward to Square assisting in Japan?s continued economic growth and entrepreneurship opportunities.?