Square is readying itself for an Australian launch, which would be only its third launch outside the US, according to The Australian Financial Review.

Given its high-profile brand, talk of international expansion by Square has been rife. But, to date, its strategy has been tentative outside its domestic market.

The company launched in Canada in October 2012 followed by Japan in May 2013.

The report did not specify which service Square would launch first. It is best well-known for its distinctive card reader which enables small businesses to accept card payments on their smartphone or tablet. The firm also offers other services. It also enables shoppers to make payments from their mobile devices.

However preparations are at an early stage, with Square checking out potential retail partners, as well as marketing and PR firms.

Speculation about its intentions was encouraged earlier this month when Australia’s communications minister Malcolm Turnbull visited Square’s offices in San Fransisco and tweeted a picture of himself and Jack Dorsey, Square’s CEO, with a message that the two had discussed “disruptive innovation soon to come to Aus”.

Following some intense speculation, Turnbull and the company denied he had implied an imminent entry to the Australian market.