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Square, Stripe Flex Their Innovation Muscles with New Offerings

Philip RyanbyPhilip Ryan
August 3, 2018
in Banking, Payments, Risk & Security
Reading Time: 2 mins read
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Square and Stripe, famous for their dongles and APIs respectively, have launched a series of products over the past two weeks that should make everyone in payments innovation sit up and take notice.

These new products widen the field considerably for both companies.

Yesterday Square announced an SDK for its card reader. And it looks a lot like… Stripe. As product sets widen in payments, a few companies increasingly come to compete in the same spaces — Square with Stripe, Stripe with Marqeta in card-issuing, PayPal with everyone. PayPal is fulfilling its vision of providing a “complete commerce operating system,” Seeking Alpha noted. Square and Stripe have something to say about that. Here’s Square’s announcement:

Introducing Square Reader SDK https://t.co/KhOqy32OuY pic.twitter.com/WvX6P0Aihw

— Square Developer (@SquareDev) August 2, 2018

This will allow the creation of ancillary services around Square’s growing suite of systems.

Stripe, meanwhile, announced two new initiatives recently. On July 26 Stripe launched a card-issuing API, allowing customers to build credit card programs from scratch. Then on July 31, Stripe announced a partner program. Doesn’t Stripe already partnerships with companies? The company puts it this way on its blog:

Partnering with Stripe means spending less time maintaining payment systems, and having more time to focus on core customer and product experiences. Stripe helps even small teams have disproportionate impact.

It then enumerates the areas in which partners get help, from PCI compliance to KYC/AML multiple currencies and connecting with wallets, and on and on.

The products are coming so quickly it’s hard to keep up — with no mention of blockchain or cryptocurrency at all! Oops, until now.

Tags: ExclusiveMarqetamobile paymentsPayPalPremiumSquareStripeVenmo
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