Payments News

Can Square Succeed Where Walmart Fell Short? Bankers Are Set on Ensuring It Doesn’t

Mar 13, 2019

While the nation’s banking industry may not welcome the development, experts say Square Inc.’s recent efforts to establish an industrial loan corporation, a form of bank, could well succeed where others have failed.

“Fighting the ILC designation is a good way for the banks to slow a dangerous competitor, but it’s likely to be a stall tactic,” says Rick Oglesby, principal at AZ Payments Group LLC, a Mesa, Ariz.-based payments consultancy, and a close observer of Square.

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