Square is planning to launch in Australia, according to reports in the local media.

The Australian Financial Review reported that anonymous sources had confirmed the rumours started by Aussie communications minister Malcolm Turnbull earlier in the month.

On 13 January Turnbull tweeted a picture of himself with Square founder Jack Dorsey at the company’s San Francisco office, saying: "Great to meet @jack and his team at @Square today to discuss his latest disruptive innovation soon to come to Aus."

Turnbull and Dorsey, also a co-founder of Twitter, denied that the tweet implied an imminent Australian launch, but reporters noted that Square had registered the web address square.com.au.

Square’s director of product communications and marketing, Khobi Brooklyn, also played down the rumours.

She said: "We continue to look into expanding our presence around the world.

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"Australia’s focus on growing its local economy and its appreciation for technology makes it a compelling market, however we have nothing further to announce at this time."

If Square is to launch in Australia it will need to adapt products such as its card reader, currently enabled for magstripe rather than EMV cards.

Use of the EMV standard is due to be mandated from 2015 in Australia.