Innovative payments leader Square launches Square for Restaurants while competitor Shopify introduces their new Chip & Tap Reader along with a multilingual interface for their user base. And in other news iZettle announces plans to go public and PayPal CEO Dan Schulman gives a glimpse of the next 20 years in payments.
Here’s your weekly news roundup!
iZettle announces plans to go public. Swedish fintech company iZettle AB has announced plans to file for public offering on the Nasdaq Stockholm stock exchange, according to Bloomberg.
The Square and Shopify competitor has a goal of raising $226.6 million and is expecting its IPO to be completed this year.
“The IPO will provide us with improved access to capital markets to facilitate our continued growth and help us strengthen our profile with merchants, key business partners and in the fierce competition for talent,” iZettle chief executive officer and co-founder Jacob de Geer said in the same article.
Square launches Square for Restaurants. A fully integrated POS solution that caters to the specific needs of the restaurant industry, Square for Restaurants is the company’s first solution built specifically to support full-service dining establishments.
Also part of the offering is direct integration to Square’s online order and delivery service Caviar. This will mark the first opportunity restaurants have had to take advantage of both a first-party ordering platform and restaurant-centric POS simultaneously, according to the press release.
“Square for Restaurants offers everything you need to run a restaurant at full speed — with none of the distractions or pain points you don’t want,” said Alyssa Henry, seller lead at Square, via the same release. “Now, we can serve larger restaurant customers, as well as grow with those who have been using Square services from the start. With Square for Restaurants, we’ve created a cohesive solution to help our sellers supercharge their entire restaurant business.”
Shopify announces plans for proprietary chip and tap reader. Slated for launch this fall, the new Shopify Tap & Chip Reader will accept both chip-enabled credit cards and contactless “tap” payments including Google Pay and Apple Pay, according to the company’s blog post.
And that’s not the only new offering. Another post details the company’s plans to launch a multilingual beta that will enable customers to use Shopify in six different languages: French, German, Japanese, Italian, Brazilian Portuguese and Spanish.
Touting the ease of running “your business in your language,” the beta is available for testing now.
PayPal CEO Dan Schulman gives a glimpse of the next 20 years in payments. Dan Schulman talks payments at TheStreet’s Investor Boot Camp conference in New York and one of the things he’s predicting is a complete absence of credit cards in the next 20 years, according to TheStreet.
Also on the list of notable takeaways is a warning against cryptocurrencies. Schulman explains that PayPal consciously refrains from offering cryptocurrency exchange in an effort to “protect” their customers. “We don’t want to be a part of consumers losing large amounts of money,” Schulman said via the same article.
And as for credit cards? Schulman predicts credit cards will be replaced by digital alternatives in the next 20 years. “Twenty years from now, there will be no more credit cards, really,” Schulman said via the same article. “Why have them when you can have a QR code or NCR tablet?”
See the full interview here.
Fintech startup ClassWallet raises $2.3 million to fund growth efforts. The online platform catering to small transactions, reconciliation and the digitization of receipts is used in more than 2,000 schools across 15 states. Previous investors include New Schools Venture Fund and Sinovation Ventures – enabling a running total of $7 million the company has been able to raise to date, according to the press release.
“The new funding will help us to support the growing demand for our product as most school districts are seeking ways to reduce administrative overhead and improve quality control,” ClassWallet founder and CEO Jamie Rosenberg said via the same release.