San Francisco-based payments firm Square has rolled out a chip reader that supports Interac debit cards for businesses in Canada using its point-of-sale system. Previously Square only offered support for credit cards. Square said retailers adopting the technology would not pay transaction fees for debit purchases for the rest of 2016. CEO Jack Dorsey said the company is also working on tools to get more customer data to Canada's small businesses, which make up 97% of the marketplace. Square processed more than $50bn in transactions across its markets in this year and, in its latest quarter, revenues jumped by 26%.
San Francisco-based payments firm Square has rolled out a chip reader that supports Interac debit cards for businesses in Canada using its point-of-sale system. Previously Square only offered support for credit cards. Square said retailers adopting the technology would not pay transaction fees for debit purchases for the rest of this year. CEO Jack Dorsey said the company is also working on tools to get more customer data to Canada's small businesses, which make up 97% of the marketplace. Square processed more than $50bn in transactions across its markets in 2016 and, in its latest quarter, revenues jumped by 26%.