Square, the mobile payment startup founded by Twitter co-founder Jack Dorsey, is one of Silicon Valley’s hottest companies right now. It’s no surprise then, that German clone factory Rocket Internet, which is run by brothers Mac, Oliver and Alexander Samwer, is now rumored to be developing its own blatant Square clone.
This is a consequence from the World Wide Web. If there’s a good idea somewhere in the world, the rest will find out easily and replicate it.
Is this a pain in the butt for Square though? In a sense, it is, because if Square really is planning to expand internationally then this has the potential to take customers away.
However, on the other hand, it could prepare the market for Square’s arrival. More people will have heard about the concept, more businesses will have considered its benefits. It will be easier for Square to convince customers.