Square—how we pay in the modern world

Mon 28 November 2011 23:33, Qin Hu

Have you heard about the mobile payment application Square? It is a small credit and debit card reader that can process your card payments on IOS or Android devices. The company Square Inc. was created by Twitter's co-founder Jack Dorsey. Several months ago, it also launched its card case, which will simplify the whole payment processes. Besides, location, Twitter, and check menu function it also can be used to help you find restaurants or stores. No cash, no credit cards, you just need your phone and name to finish the transaction. How amazing!

The card reader itself is free of charge, and can be ordered from square.com or bought in stores (pay $9.99 first, and apply for a refund from Square online later on). Due to low cost of entry, Square has been successfully reaching its target customers – small business owners who can’t afford to invest in credit card terminals. Furthermore, big companies, like Wal-Mart also would like to become Square’s customer. According to Bloomberg, the Square reader will be available in Wal-Mart stores in the U.S. soon.

April 29th. 2011, Square Inc.'s CEO Jack Dorsey blogged “Square has already processed over $2,000,000 in card payments today (and it is far from over)!” Yes! It is far from over. So far, it is only active in the US right now. When the development of EMV, Chip and Pin readers is ready, Square’s European expansion will be more powerful and irresistible.

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