Square, a US-based mobile payments company, has reportedly started preparations to offer checking and saving accounts.
Steve Moser, an iOS developer, discovered the plan by assessing a recent update of the Square app and shared it with Bloomberg.
Go deeper with GlobalData
A hidden code in the update carries references to both types of accounts. The company is expected to name the offerings as ‘Square Checking’ and ‘Square Savings’.
The checking account is expected to be integrated with Square’s existing debit card for businesses, Bloomberg added. The savings account may carry a 0.5% interest rate.
Square is also expected to launch the offerings without monthly service charges and minimum balance and overdrafts fees.
However, the plan is yet to be confirmed by Square. The San Francisco-based company also declined to comment on the new code.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company’s industrial bank arm Square Financial Services commenced operations in the US earlier this year. The scope of services includes business loans, deposits and underwritings.
Square was quoted by the publication as saying: “Our bank, Square Financial Services, began operations in March.
“We’ve long said its purpose will be to offer business loan and deposit products.”
The report, however, led to a 5.5% increase in Square share prices to $210.95.
The Bloomberg report could not ascertain when the checking and savings accounts may be rolled out. But the addition of the new code in the app indicates their expected launch in near future.
