Square’s latest update threatens Wallet making industry

Square’s latest update threatens Wallet making industry

On Wednesday, a San Francisco based company, Square Inc., released an update to its Card Case app for users of Apple’s (AAPL) iPhone 4 and iPhone 4S.

Once it has been configured on the handset, the customer will be able to make payments at the Point of Sale (POS) using his/her name alone. There is no need to reach out for your phone even from pocket, as name alone will do the wonders.

According to Square, with this release the customer will be able to make a complete hands-free purchase through Card Case app. When a person will make his purchase, the system will automatically make transaction via customers’ credit card, which has been
linked already to the application installed. All he has to share is his name at POS and rest is taken care of by the genie installed on his mobile.  

The Square website says, "Feel like a regular when you pay with Card Case," which refers to the fact that cashiers will be a able to validate the identity of customer they have never seen before, through their picture that will pop up on their systems against
their name.  

The "Pay without paying” tag line is catching rave reviews and has managed gathering a quite a few users already at an unusual high rate. Since, its introduction it has been an instant hit, due to its simple and hassle free way of payment. It is available
at almost 20,000 POS across United States only. It has been especially welcomed by small scale business set-ups.

It has been speculated by Gil B. Luria, the senior vice president at Wedbush Securities LLC, that within five year’s time this application will replace the plastic cards entirely.He also shared that he himself has switched to this mode of making transactions,
which he believes is a pleasant change in the world of monetary transactions.   

The application has revolutionised the future of transaction. This was reinforced by Megan Quinn, director of products for Square, as she stated, “This is truly the simplest way to pay.”

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Posted by sara.anwar on Nov 4 2011. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry