Starting today, sellers using Square payment system’s open market can accept Bitcoin through them. Accepting Bitcoin through them is dead simple. It generates a QR code upon starting the transaction, mobile wallets can scan the code, or input the payment data manually if using a hosted service. The payment is verified, and boom, you’re done.
What does this mean for Square? Well, it pretty clearly shows that they understand Bitcoin is not a force they should ignore, and that accepting Bitcoin as a part of their storefront can only expand their sales. This also puts Stripe’s announcement about their upcoming integration very interesting, a likely power play to say that they got there first. They announced earlier this month that they are beta testing Bitcoin support for their API, allowing for integration in web and mobile payment. Square is valued at about $5B currently, and is an impressive step for Bitcoin. Hopefully we will continue to see more communal storefronts open up and accept Bitcoin soon.