publicfigure: MakeUseOf.com: Square Creates A Virtual Wallet App For Real-World Payments [News]

Saturday, May 28, 2011

MakeUseOf.com: Square Creates A Virtual Wallet App For Real-World Payments [News]

Square Creates A Virtual Wallet App For Real-World Payments [News]

Posted: 27 May 2011 07:31 AM PDT

Innovative start-up Square has created a real-world payment system that operates from the comfort of your smartphone. The technology is currently limited to 50 vendors across the US, though the quick payment method is expected to spread like wildfire once more businesses adopt the system.

Users must download a virtual wallet app called a “Card Case” to use the service which adds a virtual credit card for each vendor. When a user visits the shop in the future they simply pull out the card and tap “Start tab” (which marks them as an active customer) before shopping as normal.

The teller then totals the purchase and scans for active customers before selecting the appropriate one from the list and requesting payment. Customers are then able to leave the shop without even reaching for their wallets. There are no paper receipts and the system also supports the listing of local Square-enabled businesses and menus straight to your device.

The Card Case app is not available for just anyone to download on the App Store, and those interested must visit a participating retailer first. The retailer will scan the payment card and the customer will receive a text message containing a set-up link which will download the app.

Vendors can sign up to the Square service and receive a free card reader in the process at SquareUp.com, which allows anyone to accept credit card payments wirelessly. Vendors incur a flat fee of 2.75% every time a payment is taken, and the card reading technology works on both Android and iOS devices.

Would you use such a payment system? Any security concerns? The best news all week? Let us know what you think of Square in the comments below.

Source: SquareUp.com/cardcase

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