Users of Cash App and Square, both owned by FinTech company Block Inc (NYSE:SQ), have been impacted by a systems outage that has left them unable to access their accounts or process payments since about noon on Thursday.
“We are currently experiencing issues with multiple Square services. We understand how important it is for your business that our services be up and running, and we are actively working toward a fix,” Square said in a statement on X, formerly Twitter, on Thursday.
Since around noon PT on Thursday, sellers have been unable to access accounts or process payments due to a systems outage within Square. We know you trust us with your business, and these situations add challenges to running your operations. For that, we are truly sorry.
— Square (@Square) September 8, 2023
It is unclear how many users are affected by the outage and when the issue will be resolved.
"We are continuing to monitor the situation and the fix implemented by our engineering teams," Square said in an update on Friday.
“Once this disruption has been fully investigated, we plan to publish a full review of this issue and determine what steps we can take to prevent it from happening again.”
Shares of Block fell 4.7% to US$53.43 on the news on Friday morning, extending Thursday's losses.
Contact the author at emily.jarvie@proactiveinvestors.com
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