With both acquiring to expand physical and digital payments solutions, plus an ecosystem of financial services on top, the two payments giants are increasingly on a collision course.
Recent M&A activity by PayPal and Square indicate that the two companies are gearing up for a much bigger battle for global payments.
Once focused primarily on e-commerce, PayPal is making a more concerted push into physical retail to expand its global market share.
Square, however, is working in the other direction. It has primarily focused on brick-and-mortar small business customers and is now acquiring companies that can offer robust site-building and e-commerce services to its merchants.
Below, we compare the strategies of Square and PayPal across acquisitions, investments, and earnings calls.