So, the platform is going to be, I believe, a huge unlock for us, and we’re going to be seeing a lot of those unlocks next year — into next year. And then I do believe that the focus on these local efforts, whether that be local merchants, local sales, is going to bear a lot of fruit for us. We have a very compelling product, but we’ve been hampered a bit in the past around experimenting with more novel approaches to sales that we see in our competitors. We’re removing those constraints so that we can learn much faster and invest more deeply into the things that do actually work. I think a lot of what’s holding us back from a product side is actually onboarding. We still get a pretty significant chunk of sellers from self-serve and those are of all sizes, whether that be going to our website or buying hardware from an Amazon channel, for instance.
And our flow, our onboarding flow, it just takes way too much time, hence, we’re taking time away from our sellers completely. So, those will be significant focus areas for us and something that I think we’ll provide pretty quick results over the next year. AI, I talked about in the last question. The final thing I want to point on that really sets us apart is banking. We have a number of products for sellers within banking out there, and we’ve seen banking — we see banking today as more retaining our customers and when someone comes into the Square ecosystem, signing up for a loan or a card, a debit card or credit card or savings account, helps keep them. In the future, we do believe that this will become more and more an acquisition channel for us as well.
And I think it’s one of our strongest differentiators. And one I think we’ll look back at as being the most proud of. And we have some pretty unique advantages in how we approach people banking with Square and how we enable sellers and how that ultimately positively reinforces our ecosystem and also the Cash App ecosystem. So, in terms of bringing these ecosystems together, I think the place to look at is going to be commerce. And the most notable within commerce is how we really bring in local commerce, especially within a Cash App view. That is our superpower. And I think the world is going to want more local experiences. A lot of retail is becoming more and more monotone on the internet, and people are looking for more unique experiences and that’s where we fit in and that’s where our strength is, and those connections will be coming to bear more and more — especially early next year, so you will be able to see something early next year.
And there’s an obvious intersection between Cash for Business and also Square. And you can see that potentially as a graduation task, for instance. But people may want to start simpler and smaller and utilize Cash. And then as they grow, Square is there to grow with them.
Darrin Peller: All right. Very helpful. Thanks, Jack.
Operator: We’ll take our next question from Ramsey El-Assal with Barclays.
Ramsey El-Assal: Hi. Thanks for taking my question. And this question dovetails a little bit with a couple of the prior ones, but I wanted to ask about Square Go and the progress you’re sort of making connecting consumers to merchants on the platform. If you can kind of talk about the progress you’re making on this theme more broadly and what other ways you’re exploring to create that sort of consumer demand within the app and ecosystem?
Jack Dorsey: Yeah, I mean, it’s great you brought up this question because this is exactly how we’re thinking about crossing the two ecosystems between Cash App and Square. So, for those of you who are not aware, Square Go is — right now focused on services. It’s focused a lot on beauty. It allows you to open up, download an app, on Square Go, open it up in your local city, and this is mainly in the U.S. right now, and see all the services around you and book an appointment and then get all the information that would be critical for your appointment in real-time. So, we’re seeing it as a way to provide discovery, because we’ve had to start it organically and market it as such and get people to download it. We have actually seen a very strong start, surprisingly, which points to the intent and the desire.
Now, if you imagine what that might look like in a much larger canvas with a much larger audience, such as Cash App, those are the questions that we want to explore more. And that’s where we think our strength really lies is when we look across these ecosystems for the use case specifically that go is going after, which is discovery, hence, discovery of merchants around you and building up a resilient and retentive relationship for a seller and their customer. We think we can amplify that especially with everything that we’ve learned with Square Go being in the market thus far.
Ramsey El-Assal: Great, thank you.
Operator: We’ll take our next question from Harshita Rawat with Bernstein.
Harshita Rawat: Good afternoon. Jack, I want to ask about Square leadership. You recently took over the leadership of that business after Alyssa’s departure. How you thinking about that going forward? Are you looking for a replacement for Alyssa, or should we expect you to continue to lead? Thank you.
Jack Dorsey: Thank you for the question. I’m going to lead Square until we hit some milestones. I want to see a significant return to growth, number one. I want to see us be a lot more innovative and inventive, and I want to see us connect our ecosystems better, not just with Cash, but also with TIDAL and TBD. TBD is going to enable us to go more global faster, both Square and Cash App. And with TIDAL, we do believe that there’s parallels between what a musician faces and what a small seller just starting out faces. And a lot of the same tools are going to be useful. So I’m thinking about more — I’m thinking about this more from a milestone perspective. And I’ll know when it’s time and when Square is set up in a way that we look to find a dedicated lead.
But this move has enabled me to see a lot of the problems, not just within Square, but across the company, and work to fix them very, very quickly. So, our pace of addressing some of the issues that we’ve had for quite some time, but maybe ignored, the lack of collaboration between ecosystems, the silos that we built in the past, all those are a thing of the past, and we’re immediately moving to something that is much stronger and is going to deliver a whole lot more value for our customers, and everything else will follow from that.
Harshita Rawat: Okay. Thank you.
Operator: We’ll take our next question from Trevor Williams with Jefferies.
Trevor Williams: Great. Thanks a lot. I wanted to ask on the path forward for Cash App gross profit and the monetization rate specifically. I think within the guidance for Q4, if we back out Afterpay, it looks like it’s embedding a pretty big step-up just in the pace of quarter-over-quarter gross profit dollar growth for Cash App. Amrita, if you could unpack where that improvement is coming from? And then, on the monetization rate, how we should think about its progression over the next year or so? And if there’s anything you’re able to share on product pipeline specifically there would be great. Thanks a lot.
