In Ashlee Vance's "Elon Musk" book, Elon discusses this very issue with Square drawing on his own experiences with PayPal. Elon states that the notion of contro

In Ashlee Vance's "Elon Musk" book, Elon discusses this very issue with Square drawing on his own experiences with PayPal. Elon states that the notion of controlling both sides of the transaction, or better put, how to avoid the end user from withdrawing from their digital bank account is what he criticizes most about Square. He believes that, like PayPal, they have to create new ways for users to be able to utilize the money Square is holding onto for them by either creating businesses around say a Square-owned debit cards (ala PayPal debit card), extending the payment capabilities to partners, and essentially, just finding ways to keep the transactions within their network is what is going to practically eliminate most of their costs.