While some may have perceived Square and Apple Pay as rivals, Dorsey told CNN he doesn’t see it that way.
Rather, he wants Square to help businesses accept all types of payment methods, including Apple’s.
Here’s what he told CNN:
We’re not building a credit card. We’re not building a payment device. We’re building a [cash] register and this register accepts all forms of payments.
As of now, businesses can accept payments through an iPad or iPhone using Square’s tiny credit card reader. But in 2015, Square’s existing reader will be configured to work with Apple’s new payments platform.
Apple Pay has caused some discontent among major retailers since its official launch. Some giant retailers have refused to accept the system because they’re already committed to a competing platform. Wal-Mart, for example, is a leader of the Customer Merchant Exchange, a group of merchants working on their own payment system called “CurrentC.”
Apple’s new partnership with Square could help it spread its own payments system among small and local businesses. The move also comes as Square announced its plans to roll out its app globally.