Block introduces zero-fee Bitcoin payments for sellers through Square’s POS platform.
Jack Dorsey, CEO of Block Inc., has officially announced the rollout of Bitcoin payments on the Square platform. The implementation allows more than four million merchants worldwide to accept payments in satoshis.
The announcement was made by Dorsey himself on X, where he explained how the system operates. Merchants can now process transactions in several combinations: bitcoin-to-bitcoin, bitcoin-to-fiat, fiat-to-bitcoin, or maintain traditional fiat-to-fiat exchanges.
The platform offers competitive conditions to encourage adoption: zero fees until 2027. After that, Block will apply a 1% fee, which remains lower than traditional credit card rates ranging from 2.5% to 3.5%.
Payments are processed through the Lightning Network, a Bitcoin scalability solution that enables instant transactions with minimal fees. This infrastructure also allows automatic conversion of received bitcoins into U.S. dollars for merchants seeking greater stability.
Despite third-quarter results showing total revenue of $6.11 billion, slightly below the estimated $6.312 billion, Block still reported growth. Earnings per share reached $0.54, while Square’s gross payment volume increased 12% year-over-year.
Particularly noteworthy is Bitcoin’s contribution to overall revenue: in the third quarter, Block generated $1.97 billion from Bitcoin-related services, representing nearly one-third of its total revenue.
