<p>美聯儲調整聯邦基金利率以應對某些經濟狀況，例如通貨膨脹。9 月 17 日，美聯儲將利率下調 0.25 個百分點，目標區間為 4% 至 4.25%，此舉旨在提振放緩的勞動力市場。</p>
<p>儘管此舉旨在幫助更廣泛的經濟，但並不是所有公司都會對此感到歡欣鼓舞。一家可能面臨逆風的數字支付領導者是 <strong>Block</strong>（XYZ -7.48%）（前身為 Square）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MjkvZ2V0dHlpbWFnZXMtMTE0MTQ5MzkyMy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MjkvZ2V0dHlpbWFnZXMtMTE0MTQ5MzkyMy5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>Square 的主要收入來源於通過其商户生態系統處理支付，從每筆交易中提取一定比例的費用。然而，它還通過 Square Loans 向商户提供貸款，並通過 Afterpay 進行消費者融資來賺錢。Square Loans 不收取利息（僅收取固定費用），但 Afterpay 在某些情況下會收取利息，因此近期和未來預期的降息可能會影響其業務。</p>
<p>Cash App 餘額的功能也類似於銀行存款。當客户將資金存放在 Cash App 賬户中時，Block 會從這些餘額中獲得利息收入。這些來自貸款活動和客户餘額的利息收入類似於傳統銀行的淨利息收入（NII）。</p>
<p>當利率下降時，Block 在 Cash App 餘額和貸款活動上獲得的利息減少，這可能會在短期內降低其利息收入，並在存款利率未相應變化的情況下壓縮利潤率。在 2025 年前六個月，Square 的利息收入約為 1.178 億美元。</p>

<p>美聯儲最近將利率下調 0.25 個百分點至 4% 至 4.25% 的目標，旨在刺激經濟，但對 Block（前身為 Square）構成挑戰。該公司的收入主要來自支付處理，較低的利率可能會影響其 Cash App 餘額和貸款活動的收益。這可能導致利息收入減少和利潤空間收窄，儘管 Square 在 2025 年上半年獲得了約 1.178 億美元的利息收入</p>

<p>The Federal Reserve adjusts the federal funds interest rate to tackle certain economic conditions, such as inflation. On Sept. 17, the Fed cut the interest rate by 0.25 percentage points to a target of 4% to 4.25%, in a move aimed at boosting a slowing labor market.</p>
<div class="lb-trans"><p>美聯儲調整聯邦基金利率以應對某些經濟狀況，例如通貨膨脹。9 月 17 日，美聯儲將利率下調 0.25 個百分點，目標區間為 4% 至 4.25%，此舉旨在提振放緩的勞動力市場。</p>
</div><p>Although the move is intended to help the broader economy, not all companies will be jumping for joy that it happened. One digital payments leader that could face a headwind from this is <strong>Block</strong>(XYZ -7.48%) (formerly known as Square).</p>
<div class="lb-trans"><p>儘管此舉旨在幫助更廣泛的經濟，但並不是所有公司都會對此感到歡欣鼓舞。一家可能面臨逆風的數字支付領導者是 <strong>Block</strong>（XYZ -7.48%）（前身為 Square）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4MjkvZ2V0dHlpbWFnZXMtMTE0MTQ5MzkyMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833829%2Fgettyimages-1141493923.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>Square's primary revenue stream comes from processing payments through its merchant ecosystem, taking a percentage of each transaction. However, it also makes money by lending to merchants through Square Loans and consumer financing via Afterpay. Square Loans doesn't charge interest (just a flat fee), but Afterpay does come with interest in some cases, so the recent and future anticipated rate cuts could affect the business.</p>
<div class="lb-trans"><p>Square 的主要收入來源於通過其商户生態系統處理支付，從每筆交易中提取一定比例的費用。然而，它還通過 Square Loans 向商户提供貸款，並通過 Afterpay 進行消費者融資來賺錢。Square Loans 不收取利息（僅收取固定費用），但 Afterpay 在某些情況下會收取利息，因此近期和未來預期的降息可能會影響其業務。</p>
</div><p>Cash App balances also function similarly to bank deposits. When customers keep money in their Cash App accounts, Block earns interest income from those balances. This interest income from lending activities and customer balances functions similarly to the net interest income (NII) seen in traditional banks.</p>
<div class="lb-trans"><p>Cash App 餘額的功能也類似於銀行存款。當客户將資金存放在 Cash App 賬户中時，Block 會從這些餘額中獲得利息收入。這些來自貸款活動和客户餘額的利息收入類似於傳統銀行的淨利息收入（NII）。</p>
</div><p>When interest rates fall, Block earns less interest on Cash App balances and its lending activities, which could reduce its interest revenue in the short term and weigh on margins if its deposit rates don't change accordingly. Through the first six months of 2025, Square earned around $117.8 million in interest revenue.</p>
<div class="lb-trans"><p>當利率下降時，Block 在 Cash App 餘額和貸款活動上獲得的利息減少，這可能會在短期內降低其利息收入，並在存款利率未相應變化的情況下壓縮利潤率。在 2025 年前六個月，Square 的利息收入約為 1.178 億美元。</p>
</div>

Here's 1 Way a Fed Rate Cut Could Hurt This Digital Payments Leader

- 美聯儲於 9 月 17 日將聯邦基金利率下調 0.25 個百分點至 4% 至 4.25%。  
- 此舉旨在刺激放緩的勞動力市場，但可能對某些公司產生負面影響。  
- Block 的利息收入可能因利率下降而減少，影響其短期收益。  

以下是一種美聯儲降息可能對這家數字支付領導者造成傷害的方法