Apple Reportedly Considered Buying Square
According to a report Wednesday from Re/Code, Apple is among the biggest tech companies in the world to have recently considered an acquisition of Square, the nation's foremost mobile payments company. In addition to Apple and even Google, Square has apparently entertained no shortage of attention from a hefty barrage of potential suitors. But, to date, Square seems to happy to remain an independent entity.
In February, Kyle Spencer, a research analyst writing for Seeking Alpha, published a report probing the likely prospect that Apple will enter the mobile payments arena.
“There is considerable anecdotal evidence that Apple is preparing to invade the mobile payments space,” Spencer wrote at the time. “A quick perusal of the company’s recent patent filings leads me to conclude that Apple’s engineers are indeed converging on a large scale mobile payments solution to rival PayPal.”
One of the patents cited is titled “Effecting payments using optical coupling.” The patent describes an infrastructure of network-based clearinghouses “for maintaining the anonymity of a plurality of customers and protecting their private and financial data.”
Apple, which currently has an in-store mobile payments platform for its retail employees, has demonstrated a strong interest in digital and mobile tech-based payments for a considerable period of time now.
The WSJ reported earlier this year that Eddy Cue, Apple’s iTunes and App Store chief, has already begun taking meetings with key industry executives to discuss Apple’s interest in developing a comprehensive mobile payments solution.