Jack Dorsey's Square enables bitcoin payments for merchants; details here

Jack Dorsey’s financial services platform, Square, has officially rolled out support for Bitcoin (BTC) payments across its merchant network. The company said that businesses using Square’s point-of-sale systems can now accept Bitcoin as a form of payment.

 

The feature is integrated directly into Square’s payment infrastructure, allowing merchants to receive Bitcoin payments alongside traditional options like credit cards and digital wallets. The rollout marks a notable expansion of Square’s cryptocurrency offerings, aligning with Dorsey’s long-standing support for Bitcoin. However, Square has not disclosed how many merchants have opted in to accept Bitcoin so far.

   

Bitcoin payments on Square will be processed using the Lightning Network, which enables faster and lower-cost transactions compared to traditional Bitcoin transfers. Merchants will also have the option to automatically convert Bitcoin into fiat currency to reduce exposure to price volatility.

 

Notably, the company is currently testing this new Bitcoin option with select businesses and plans to roll it out to more sellers by 2026, all powered by the Lightning Network to enable low-fee, near-instant transactions.

 

Earlier, in May this year, Square announced that its parent company, Block, Inc., planned to integrate Bitcoin payments into Square’s systems. "By leveraging the Lightning Network, the Square Point of Sale app will allow merchants to accept Bitcoin payments directly through their Square hardware for near-instantaneous, low-cost transactions," the company said at the time.

About Square

Co-founded by Jack Dorsey, Square is a US-based financial technology company that helps businesses accept payments and manage daily operations. It began with a mobile card reader that allowed small merchants to process credit card payments via smartphones. Since then, Square has evolved into a comprehensive platform offering payment solutions, point-of-sale systems, and tools for payroll, inventory, and online ordering. The company supports both in-person and digital commerce across a variety of industries. Square is a subsidiary of Block, Inc., which also owns Cash App and other fintech ventures.