Apple has been showing interest in buying the mobile payment company
New reports indicate that Apple was quite interested in purchasing Square, the merchant services aggregator and mobile payments company created by Twitter cofounder Jack Dorsey in 2009.Re/Code reports that while no firm offers have been made thus far, both Apple and Google have been circling Square in the past year, hinting at a possible acquisition. Since Square isn’t currently in any financial problems, selling isn’t a necessity or a priority.
Furthermore, selling over to Google seems unlikely since sources close to Dorsey say that he isn’t exactly a fan of the way the Internet giant handles negotiations following former talks between Twitter and Google.
The same sources seem to believe that Dorsey would also pick Apple over Google because his own company’s design aesthetic and values are more closely matched to Apple’s.
Square would also do better at Apple, Re/Code reports, mainly because the giant’s cash reserves would give Square a favorable position in retail. For its part, Apple would use Square’s help to launch any plans for a mobile payment system, maybe even merge the two.
It also looks like the idea that Square will head for an IPO this year can be scratched off the list since the company is not yet making enough money outside from revenues from the payment processing.