Feb 8, 2022 - Technology

Square dongle could be in trouble

Data: FactSet; Chart: Axios Visuals
Data: FactSet; Chart: Axios Visuals

It's a good thing Jack Dorsey pivoted Square to Block last year.

Catch up quick: Apple is set to transform iPhones into contactless credit card readers and payment processors later this year. That could, in theory, threaten Square's existing payment devices business.

  • Shares of Block traded down after news broke and closed the day 0.5% lower.

The big picture: Payment processing is just a small part of Square’s value to merchants.

  • Dorsey's vision for Block now relies more on blockchain and crypto.

Go deeper: iPhones to become credit card readers

Go deeper