Square Inc. is rolling out a feature that allows developers and sellers to process payments within mobile apps, deepening the company's push into online commerce and increasing its competition with rivals Stripe Inc. and PayPal Holdings.
Known for helping small brick-and-mortar businesses accept credit cards, Square's system now will expand to let businesses accept payments in mobile apps, the company said Wednesday in a statement. The new software tools are part of Square's move into a one-stop-shop for businesses that helps with payroll, loans, accounting, inventory tracking, website building and other services. The San Francisco-based company is operating in an increasingly crowded market for payments technologies that work across platforms.
The new feature is targeted at large merchants such as multistore retailers and restaurant chains that create their own apps for buyers to order food or make purchases. It's also targeting online-only companies that are prime customers of payments processors that already offer mobile services like Stripe, PayPal, and Adyen.