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Square closed 5.5% following reports of plans to offer checking and savings accounts.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York.

Yana Pascova | Bloomberg | Getty Images

Payment firm Square rose more than 5% in Monday afternoon trading after Bloomberg News reported that payment firms could offer savings and checking accounts in the near future.

According to the report, the code in the Square app update revealed the company’s plans, including details about checks and savings accounts.

The square is 5.5% closed.

The hidden code uses a rhetoric that makes Bloomberg believe Square will offer a 0.5% interest rate on savings accounts until 2021.

Square didn’t immediately respond to CNBC’s request for comment.

Square’s share has fallen 3% this year, down more than 25% from its latest highs.

Settlement companies saw explosive revenue earlier this month. Square reported first-quarter earnings of 41 cents per share, well above FactSet’s estimate of 17 cents. Revenue of $ 5.06 billion also exceeded expectations of $ 3.36 billion.

— With a report from Michael Bloom on CNBC.

Square closed 5.5% following reports of plans to offer checking and savings accounts.

Source link Square closed 5.5% following reports of plans to offer checking and savings accounts.

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