Square Inc takes over Spanish peer-to-peer payments app Verse
Category: #business  By Pranali Mehta  Date: 2020-06-18
  • share
  • Twitter
  • Facebook
  • LinkedIn
Square Inc takes over Spanish peer-to-peer payments app Verse

Leading payment services company, Square Inc., has reportedly announced its acquisition of Spanish peer-to-peer payment service, Verse, known for its efficient payment facilities across Europe. Square has stated that Verse’s team will effectively work in collaboration with its Cash App division.

Square’s Cash App has an extensive user base and can be availed only in the U.K. and the U.S. The recently acquired Verse app has many similarities with the Square’s Cash App. Verse’s payment service allows users to send and receive money through its mobile app. Further, the transfer occurs within seconds and users need not pay any extra charges.

According to an announcement made by Square Inc., the company’s priority, at this point, is to enable Verse to continue its successful expansion in the European region. The company has further highlighted that Verse will continue to function as an independent business establishment and no immediate changes will be made either in its existing products or business operations.

As per sources, users on Verse app sign up using their phone numbers which enables them to send money only to those recipients whose phone numbers are saved in their address book. The app also provides a debit card payment facility in case the user’s Verse account doesn’t have enough money to make payments. The app also enables money transfer to the user’s bank account in case he wants to withdraw money from his Verse account. Users have also been provided with the facility to track group expenses, organize events, and create money pots.

Of late, Verse has also reportedly launched its ‘Visa debit card’ which enables users to spend money directly through their Verse account. The debit card doesn’t charge any foreign exchange fees and only uses Visa’s exchange rates. In addition to that, users are also provided with the benefit of two free ATM withdrawals every month.

The terms of the deal have not yet been officially disclosed. However, sources claim that Verse has raised around $37.6 million together from eVentures, Spark Capital, Greycroft Partners, and others.

 

Source Credits:

https://techcrunch.com/2020/06/16/square-acquires-european-peer-to-peer-payment-app-verse/?guccounter=1

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Evergrande announces offshore debt restructuring plan despite crisis
Evergrande announces offshore debt restructuring plan despite crisis
By Pranali Mehta

Chinese property giant Evergrande has announced new debt restructuring plans for offshore debt worth USD 20 billion. This move has emerged as a motivational step for other struggling developers as well. The restructuring plan will help the firm in...

PBFG announces U.S. business expansion across West & Midwest
PBFG announces U.S. business expansion across West & Midwest
By Pranali Mehta

Planet Based Foods Global Inc. has reportedly announced its decision to expand its distribution in the West and Midwest. Following the expansion, the company’s products will be available in stores like Smith’s and Mariano’s. The com...

Singaporean bank stocks fall as Credit Suisse faces economic crisis
Singaporean bank stocks fall as Credit Suisse faces economic crisis
By Pranali Mehta

The stocks of local banks in Singapore have declined significantly, due to the crisis affecting the second-largest bank in Switzerland, Credit Suisse, and the failure of a chain of banks in the United States of America. Credit Suisse fell by 30% on W...