Block is introducing real-time Bitcoin payments for its Square point-of-sale terminals, with the feature expected to roll out later this year. This innovation utilizes the Lightning Network, allowing merchants to accept Bitcoin payments directly through their Square hardware.
During the transaction, customers simply scan a QR code at checkout. The Lightning Network protocol ensures nearly instantaneous settlement, while Square’s integration manages real-time exchange rate calculations and confirmation notifications.
The new Bitcoin For Businesses offering enhances Block’s Bitcoin Conversions feature launched in 2024, which enables qualified merchants to automatically convert a portion of their daily sales into Bitcoin.
Miles Suter, Bitcoin product lead at Block, emphasized, “When a coffee shop or retail store can accept Bitcoin through Square, small businesses get paid faster and keep more of their revenue. This is about economic empowerment for merchants who want options for accepting payments.”
Under the leadership of Bitcoin advocate Jack Dorsey, Block has expanded its crypto services, including the Cash App’s Bitcoin buy, sell, and transfer features, the Bitkey self-custody Bitcoin wallet, and the Proto suite of Bitcoin mining products and services.