SAN FRANCISCO—Square has launched support for debit card payments in Canada.
The move comes nearly five years after Square launched in the country.
It is introducing support for Interac debit cards for businesses using its point-of-sale system and has developed a contactless chip reader to facilitate those transactions, the Financial Post reported.
The chip reader will cost $59. A recent report found that 24.8% of payments in 2016 were done through debit card, up from 20.4% in 2011, the Financial Post noted.
“In comparison, credit card use was lower at 21.8% in 2015,” the Financial Post said. “Square's pitch is that it will act as the middleman between small businesses and financial institutions. So far it seems to be working, as the company continues to grow substantially each year.”
Square processed more than $50 billion in transactions last year, up 39% from 2015. In its most recent earnings, Square saw a 26% jump in quarterly revenue and payment volume up 33% to US $16.4 billion, according to the Financial Post.