Square shifts its shape and identity

New York

WHAT is Square? The six-year-old payments startup began by offering small, square-shaped credit card readers that plug into smartphones or tablets. The gadget helps small businesses accept credit card payments easily.

But Square has shifted its identity in the past year. In May, the company introduced Square Capital, a money-lending programme for small businesses that use Square. The company has promoted Square Cash, the smartphone app that lets users freely send money to one another's debit accounts. And on Monday, the company was due to introduce two services - instant deposits and protection for disputed purchases - that Square says will make life easier for small businesses.