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It looks more like a trojan horse to me. If they become the new merchant-interface, there's nothing stopping them from offering an alternate payment mechanism
by roc 15y ago
It looks more like a trojan horse to me.
If they become the new merchant-interface, there's nothing stopping them from offering an alternate payment mechanism that doesn't rely on credit or debit cards.
- sliverstorm 15y agoNothing stopping them- until Visa buys them.
- goatforce5 15y agoBuilding the technology that could support Visa/MC/Amex alternatives and the userbase that gives it critical mass is probably the best way to get bought out by Visa/MC/Amex at an inflated price. No one says they actually have to ship their alternative payment system.
- jes5199 15y agoI'm an engineer at Square, so I can neither confirm or deny such speculation ... but in an interview with Wired, CEO Jack said "People understand credit cards. They know exactly what to expect from them. They’re used everywhere. But Square is payment-device agnostic. It doesn’t matter how you pay. Some of our users accept only cash." http://www.wired.com/magazine/2011/05/mf_qadorsey/all/1 http://www.wired.com/magazine/2011/05/mf_qadorsey/all/1
- thinkcomp 15y agoWhy not accept FaceCash then? The rate is 1.5%, much lower than what you charge now.
- iloveponies 15y agoWell, whatever they offer it won't be NFC.
- sundae79 15y agoIt can't. They still have to deal with acquirers, credit card issuers, and banks. No escaping that.
- r0s 15y agoBesides their existing partners and infrastructure.