The Role of Jack Dorsey in the Rise of Tipflation through Square's $3BN Revenue.
Originally Published 2 years ago — by Daily Mail
Square, the payments firm founded by Jack Dorsey, made a profit of $3 billion last year, marking a three-fold increase from four years ago. The company's software powers many of the iPad payments that have become synonymous with the country's 'tipflation' problem, which has seen tipping culture spill out from bars and restaurants and into stores, takeout chains, and even self-service machines. Square works with merchants in all 50 US states and Australia, Ireland, Canada, and Japan, facilitating card payments and taking a small slice of each transaction amount. While Square claims that increased tipping is not the reason for its explosion in profits, the figures lay bare just how reliant retailers have become on these interfaces that customers have come to loathe.