Squares they most certainly are not. In an impressively cutthroat move by mobile payment startup Square, the team announced today that they poached PayPal’s VP of products for North America, Alyssa Cutright. PayPal has recently entered the market as a direct competitor to Square with their Dunder Mifflin-inspired mobile payment device, so the steal has to be a harsh blow.
According to LinkedIn, Square also poached Yeong-Ping Koh from PayPal back in August 2011 for the role of “Director, International.” Ms. Cutright’s hiring is an indication that Square intends to expand its payment empire. The San Francisco-based company currently only operates in the U.S., but may soon grow globally now that they are building out a team focused on international markets.
PayPal revolutionized the way we think about digital payments, but it has risked tipping over into irrelevance recently. The company took a long time to introduce a competitive product, and when they did launch “PayPal Here,” it looked a great deal like a fake product from the popular comedy show The Office.
As AllThingsD notes, the company has also been bleeding top talent recently, most notably with their loss of former president Scott Thompson to Yahoo. (From one sinking ship to another, eh?)
But fear not, PayPal fans: The tool is still one of Etsy’s favorite methods of payment. You probably won’t be buying any ladypart-themed needlepoint with Square any time soon.