Ever since PayPal started the trend of online payment, this space has been gathering momentum. Now with smart mobile devices becoming mainstream, the payment business is starting to explode. Arguably the most exciting entrant is Jack Dorsey’s Square. Jack Dorsey also innovated another small micro-blogging site named Twitter. Currently he is back at Twitter as the chief product thinker while running his latest start-up Square.
Here is a write-up on Square by Tricia Durey: “It starts with the user’s card case, which must be set up in advance with a user’s credit card information. From the card case, the user will be able to see the menu of the restaurant, cafe or spa they are visiting. Users can click to order. When they go up to the register to pay, the consumer doesn’t hand over anything but their name. Consumers and retailers will have to believe that using Apple products can be as safe and secure as big enterprise-grade systems that everyone is accustomed to seeing. Square will also have to go up against a ton of other providers coming down the pike, including solutions from PayPal and payment giants such as Visa, MasterCard and American Express. The San Francisco-based start-up recently got an investment from Visa.”
Just this week, Square made news by launching a new cash register for merchants and a new mobile wallet for consumers to make paying for retail goods extremely easy. This is a quick development from the start-up’s original Square dongle and app, which allows consumers to use their smartphone or Apple iPad to accept credit card payments. Square has distributed 500,000 of these dongles, which click into the headphone jack, and has recently said it is processing $2 billion in gross payment volume per month.
Jack Dorsey is viewed as one of the smartest innovators and he is an engineer at heart. Do we see the emergence of another Steve Jobs-like leader here?