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Square – the future of banking? May 6, 2011

Posted by reto wettach in mobile, new technologies, service design.
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Square is an interesting service, which allows credit card payment on smart phone.

(image source)

Technically they are very interesting as they use the headphone jack to connect a hardware device to a smart phone. Through this approach they avoid the limitations of focusing one hardware environment as e.g. the proprietary iPhone connector. Furthermore they avoid paying licensing I guess: “Apple has a program called ‘Made for iPod’ under which manufacturers get a license to sell accessories for devices. Apple collects a royalty of 20 percent to 25 percent from each sale of a licensed accessory” (quote source)

Square is a growing business and quite successful: ” In Q1, Square did $66 million in payment volume (the company expected $40 million) and plans to triple that in the second quarter of 2011.” (quote source)

Interesting is the fact that Square is basically collecting data – far more reliable, interesting and social data than “just” search engines. I guess their data is even more interesting than amazon’s data as transactions are not restricted to any offerings.

Regarding privacy Square keeps it exciting:

“We will not share your information with anyone except as described in this Privacy Policy. […] We may change this policy at any time.” (source)

“Square may use certain information about you without identifying you as an individual to third parties. We do this for purposes such as […] and personalizing content.” (source)

I am looking forward to these personalized contents…

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