+更多
专家名录
唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
转发
上传时间: 2018-05-20      浏览次数:771次
Square stumbles into the banking business

 

https://www.cnbc.com/2018/05/18/square-stumbles-into-the-banking-business.html

 

Square customers are treating the payment company's Cash app more like a bank account than the company intended, CEO Jack Dorsey said this week. While that wasn't a goal, he said Square plans to capitalize on the trend.

 

"People are using this as their primary banking account, and in some case it's their only bank account," Dorsey said on stage at the Consensus blockchain conference in New York this week. "We are reaching an audience that is under-served and even to the point of unbanked, which wasn't a stated goal but it's something we love and want to lean into more."

 

The company had 7 million active customers on its money-transfer app in December alone, Square said in its recent quarterly letter to shareholders.

 

The Cash app, which launched in 2015, is growing faster than PayPal's Venmo, according to Nomura Instinet. Since early 2016, Square Cash app downloads have averaged 128 percent year-over-year growth each month versus Venmo's 74 percent growth, according to the Nomura analysis.

 

"The number one and two merchants we see in the Cash app are Walmart and McDonalds," said Dorsey, who is also the CEO of Twitter. "This is everyday usage."

 

Nomura analyst Dan Dolev told CNBC the banking opportunity is "huge" for Square, and that likely isn't priced to the stock.

 

"Square could become a one-stop shop," Dolev said. "Think about a world where you have a Square bank account but also it's the merchant, so you're basically you're able to get around a lot of the fees the banking industry is currently charging."

 

The fin-tech company signaled its plans to break into banking last year.

 

Square filed for an FDIC licence to be an industrial loan company in Utah, American Banker first reported in September. The license would allow it to perform some of the same services as banks, including issuing loans without having rely on a bank to originate them, and without having to get licenses in each state.

 

Square launched cryptocurrency trading through its Cash app in January, which Dolev said is another main reason the app has grown in popularity.

 

Dorsey said on the conference panel Wednesday he's a "huge fan" of bitcoin and its underlying technology. Dorsey also said he wants Square to help its long-term adoption.

 

"The internet is going to have a native currency, so let's not wait for it to happen, let's help it happen," Dorsey said. "I don't know if it will be bitcoin, but I hope it will be."

 

Shares of Square slipped as much as 3 percent this week after news that PayPal would pay $2.2 billion to buy iZettle, which provides mobile card readers. The deal could be a threat to Square, which also sells its payment hardware to small businesses. The stock later recovered, trading near $55 Friday.