Mobile World Congress

'We were terrified': Block co-founder explains how the fintech giant avoided 'death by Amazon'

Key Points
  • In 2014, Amazon launched a product that let small businesses accept credit card payments using a smartphone or tablet.
  • The product was similar to technology from Block, the company formerly known as Square. But Amazon undercut the start-up on price.
  • Block co-founder Jim McKelvey says he was "terrified" at the time, but didn't give up. A year later, Amazon's service was discontinued.