Merchant and P2P payment service provider Square, has acquired P2P startup Evenly. Evenly is a P2P payment app similar to Square’s own Square Cash.
Evenly users can send amounts of up to $500 a day to pay back or split bills with other users. The service works by charging debit and credit cards, and allows for payouts through bank transfer. The application has gained in popularity as of late with college students for its incredibly simple bill split capabilities. The move shows Square’s intent to maybe change their current email based platform by relying on Evenly’s already stable platform to focus on enhancing their merchant experience, and expand into card-not-present environments.
“Evenly’s app made it easy for anyone to send or collect payments from friends, anywhere, anytime. But more importantly, the team showcased the importance of prioritizing experience over the technical aspects of the product itself.” Square’s product engineering lead Gokul Rajaram said in a blog-post.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Square’s move seems similar to PayPal’s purchase of Braintree who less than a year prior had absorbed Venmo. Venmo is incredibly similar to Evenly, and like Square, PayPal already has an established P2P payment infrastructure.
Evenly has been ordered to be shut down by Square, and will be providing their services until the 15th of January 2014. Afterwards all Evenly user data will be deleted while the development tem is integrated into Square’s.