Hold on tight. Were entering a new market tomorrow.
Square (@Square) June 25, 2013
A Square representative would not reveal any more information. [Editor's Note: the tweet was most likley hinting at a new website called Square Market, which Square launched the next day, but speculation persists about where its next geographic move will take it.]
Sarah Friar, the company's CFO and acting COO, discussed Square's prospects when she spoke at the National Retail Federation's convention in January. "You will see us absolutely take strides into big international markets this year," she said.
Responding to an audience member's question about Brazil, Friar said Square recognizes a great emerging economy and other positives in the South American country, though she did not say whether or when Square plans to expand there. The World Bank ranks Brazil the world's sixth-largest economy by gross domestic product, and MasterCard launched its PayPass contactless payment technology in Brazil this year.
Wherever Square is going next, its Twitter post generated several responses indicating where Square sees demand.
@Square please let it be UK.
Gretchen Peters (@gretchenpeters) June 25, 2013
If Square enters the U.K. next, it would coincide with rival PayPal's push with its PayPal Here mobile card reader. To appeal to U.K. merchants, PayPal is offering a version of its card reader that can accept chip-and-PIN payments. Square does not yet support chip-and-PIN cards, but the recent introduction of the Square Stand demonstrates that the company is open to offering new variants of its hardware.
@Square Is it Russia
Robin (@randuin) June 25, 2013
Russia is already attracting U.S.-based payments providers. The nation is developing a universal card for identification and payments, with a goal of issuing the cards by next year.
MasterCard this month announced a pact with VimpelCom Ltd. to test a mobile payments system at a Russian bank, and American Express is working with the Central Bank of the Russian Federation to establish a local clearing and settlement process for payments by July 2014.
@square Europe, Mexico...?
Rubén J. Lapetra (@rjlapetra) June 25, 2013
And of course, who could forget...
Bitcoin! @Square: Hold on tight. Were entering a new market tomorrow.
Evan Doll (@edog1203) June 25, 2013
Bitcoin acceptance may not be out of the question. PayPal's president, David Marcus, says his company is "thinking about" whether to accept bitcoins to fund PayPal accounts. If Square aims to appeal to more merchants, adding bitcoin acceptance could endear it to digital-currency devotees.
Bailey Reutzel and Austin Kilgore contributed reporting to this story.