Article in Mobile Future, Mobile, Startup categories.
How Square, Mobile Payment System, Should Innovate
Square, a mobile payment system, allows merchants, or anyone, to accept credit card payments via their Android or iOS device as well as provide an…
Square, a mobile payment system, allows merchants, or anyone, to accept credit card payments via their Android or iOS device as well as provide an easy system to manage a businesses sales. Square has not too long ago received $27.5 million in funding and is becoming more and more popular. It is a great app and has loads of potential but there is about to be a new, serious, player in the "mobile payment" field. NFC Chips.
The great thing about NFC chips is that it does not only provide an easy solution for mobile payments, which started being tested in Europe, but can also store other information on them such as office and house keys. With more phones having NFC chips embedded in them it can become a common payment system in the near future. The Nexus S already has one and the iPhone 5 is rumored to sport one of these chips too.
So what happens to square when people stop using physical credit cards? They no longer have a business. What Square should do is create a "card" reader that not only swipes credit cards, but has an NFC chip in it that can read a virtual wallet as well. This would even further innovate the company and allow it to be able to accept the soon-to-be newest form of mobile payments, while still using mobile devices.