Square (NYSE: SQ) stock is one of the few stocks that should be owned by investors for long term. Square is well known for its plastic dongles, inserted into a smartphone or tablet, that the small and medium-sized businesses use for credit card payments processing. Square had leverage its innovative business expansions in 2020 to offset the weakness in its legacy point-of-sale payment processing business. Listed below are some of the innovations that will power the surge in Square stock in the future.
- Square has reallocated its resources to focus on digital payment processing for e-commerce transactions.
- Square has drive record growth for its Cash App ecosystem. Cash App is a mobile person-to-person (P2P) payments app to compete against Venmo, Apple Pay and Google Pay. Besides P2P money transfer services, it also offers stock trading services, debit card, direct deposit and do it yourself tax filing tools. Cash App will become money management app aiming at cashless world in the future.
- Square openly accept bitcoin and integrate bitcoin related offerings into its products. Cash App can now be used to buy and sell bitcoin.
Those reasons should boost Square’s usage and revenue growth continuously. Therefore, Square is a long-term winner stock for investors to own.