Amrita Ahuja, chief financial officer (CFO) of digital payments company Square, can see a future where the internet has its own currency – and bitcoin, she says, is the most likely prospect.
Square, the digital financial services and payments company launched in Silicon Valley nearly a dozen years ago, has grown from its roots to a multi-faceted full-service platform for small and medium-sized businesses. (SME). The company expanded its services for businesses, integrated the Cash App and Buy Now digital payment service, Pay Later Affirm platform, and set up a development platform for decentralized bitcoin exchange.
Ahuja, who joined the company in 2019 as chief financial officer, told the Wall Street Journal on Thursday (October 28) that Square sees itself “as a startup ecosystem” where everyone could have “additional startups inside. “.
“We test with the launch of something small, we learn, we get customer feedback, we iterate and we end up doubling down on things that work,” Ahuja said.
See also: Positioning Big Moves Buy Now, Pay Later as a flagship item for the 2021 holiday sale
When it comes to increasing Cash App’s penetration rate, there is a multi-pronged approach that includes adopting within its customer base, raising awareness to new customers, and expanding its product line. The newest and largest customer base is among Millennials and Gen Z populations, Ahuja said.
The adoption of bitcoin, she believes, will be the “strongest competitor” for an internet native currency due to its resilience and security.
“We believe it is principled because it is decentralized, transparent and has a consensus-based development model,” she told the WSJ. “Bitcoin can provide financial access to those who have been historically marginalized by existing financial systems or who are wary of their federal banks, as we have seen in some regions, such as Latin America.”
Read more: Mulberry and Square join forces to enable Square sellers to offer product protection coverage