Image source: Square.
What happened?
Mobile payment processor Square (SQ 2.85%) has announced that it is now available in Australia, including its popular hardware dongles as well as its suite of payment services for sellers. Square is partnering with Cuscal, a local transactional banking services company.
Does it matter?
Square is fairly young in the grand scheme of payment processing, and the company continues to expand its international presence. Australia will be Square's fourth market, after the U.S., Canada, and Japan.
But Square's international businesses are quite small currently, according to the company's prospectus ahead of its IPO last year. International revenue for the nine months ending Sept. 30, 2015 totaled $29.6 million, or just 3% of total revenue. Square will face stiff competition as it seeks to grow its presence in new markets, including from larger U.S.-based companies as well as local players.
Square's first quarterly earnings release as a public company is tomorrow after market close.
