Square Canada Sees Higher Adoption Rate, Transactions Compared to the US

The mobile payment system Square Canada launched back in October of 2012 and so far has proved to be quite popular, with activations and average transactions higher compared to its US counterpart. Square, as you may recall, is the company backed by Twitter founder, Jack Dorsey.

Five months into the Canadian market, their first international market, Square informs us they are seeing more activations here at this time than they did in the USA, with an adoption rate that is 25 per cent higher per capita. Moreover, the company notes gross payment volumes are 90 per cent higher per capita as well, as illustrated in the charts below:

Canada performance 002  1

 

Canada performance 001  1

Average Canadian transactions are $120 here, versus $70 at this time in the US, related to services and retailers making up the bulk of activations, which typically have higher transaction sizes. Compared to the US launch, the company saw smaller transactions as more individuals signed up (i.e. food trucks, cart merchants), and as the weather turns Square looks to see a similar adoption in Canada.

Square is seen differently in Canada, as their pricing model is most appealing here, whereas compared to the US launch in October of 2010, their mobile solution was the most attractive. Square readers have also made their way into Canadian retail outlets faster than the US (it took 9 months to hit retail), as now over 250 stores offer the card readers, available at stores such as Future Shop and Best Buy.

Later this year, Square Wallet will make its way into Canada, a mobile payment solution set to be “as easy as saying your name.” No specific timeframe was provided when we inquired, nor was any comment made regarding Passbook integration for Square Wallet.

Are you using Square in Canada right now?

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • http://twitter.com/YVRBCbro Sean?

    yes I’ve been using Square for a couple weeks now and LOVE it, really easy to use and you get your money in your bank account very quickly, my clients really like the ability to use credit cards with me

  • http://www.iphoneincanada.ca Gary

    Awesome, great to hear Sean.

  • http://www.facebook.com/e.a.weimer Erik Weimer

    I paid a lawyer who was using it. Very convenient to use and pay her without waiting for a cheque to clear and I got my receipt right away via email.

  • triacc77

    I run an appliance repair business and adopted Square about a month ago.. the best move I ever made.. Goodbye to the $80 a month fee just to rent the mobile terminal from Moneris.. Square is so easy to use and cuts down on paperwork. I would suggest Square to anyone.

  • Warren

    I think it is a great idea and great rates. However, I cannot get the readers to work more than once. I have tried three readers, and there is no tech support that I can see on the website

  • iv

    I use Square for my business but only the Register program. They don’t accept interac debit payments so that’s a big problem for most plus cards in Canada have chips if you don’t use them to accept a sale the issuing bank will hold you liable if there is a chargeback.