Square’s food and beverage payment volume grew 20%, outpacing retail and services.
Block is putting artificial intelligence on both sides of a sale, with voice ordering for Square customers and software that prepares purchase orders for sellers, as Cash App draws more shoppers through local businesses.
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“They want something that’s really easy to use and they want something that’s immediately accessible and Square can deliver that,” Block CEO Jack Dorsey said during the earnings call’s analyst Q&A, describing what he heard from smaller sellers about AI.
The new Square Kiosk lets diners ask questions about the menu and order by voice. On the business side, Squaremates already prepares purchase orders for food and beverage sellers. Block plans to add procurement agents that help manage inventory and order from suppliers.
Dorsey said sellers typically start by asking questions about their data before handing tasks to agents. Block is testing how to charge for the AI tools it is making available to other companies through Builder Lab and Buzz.
4 billion in the third quarter, up 14% year over year, as noted in company materials on Tuesday (Nov. 3) after markets closed. Food and beverage led the major seller categories, while retail volume rose 13% and services rose 8%. Chief Financial Officer Amrita Ahuja said new sellers joining through independent sales organizations increased 90% from the previous quarter, from a still-small share of Square’s business.
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