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