The hype is warranted. As it stands objectively through concrete facts, SQ has a successful POS system that works 24/7 for small businesses and even any average joe to take a CC from any person. SQ also has a successful app that integrates with a debit card so users can use the Square debit card as if it’s a bank with rewards. SQ has a peer to peer payments system, allowing you to pay anybody with your money from cash app or bitcoin.
SQ basically has all the makings of what Alipay is to China. The biggest hurdle for is integrating / merging peer to peer payments with merchant acceptance in America, and Square will do just that. I don’t see Visa, MasterCard, or any banks being able to integrate this as well as Square will.
Disclaimer: Consult your financial professional before making any investment decision.