The payments platform Square is best known for its small, square-shaped plastic dongle, which merchants can insert into the port of a phone or tablet in order to easily accept credit card payments from customers. In July 2021, however, Square introduced a brand-new offering: Square Banking, through which it offers checking and savings accounts to small businesses owners with interest rates that are eight times those of the average bank.
“We’ve reimagined the financial system for small business owners with their cash flow needs at the center,” Square Banking Head of Product Christina Riechers said in a press release. “We’re introducing fair, accessible financial services that connect directly with our sellers’ payments, helping them unlock instant access to their sales, automate their savings, and receive personalized financing offerings.”
But Square isn’t the only one that’s reimagining the financial system. Just look at the cryptocurrency market, for example. In November 2021, it reached a market cap of $3 trillion as the world’s two largest cryptocurrencies, Bitcoin and Ether, surged to record highs.