PYMNTS.com Exclusive Industry Reaction to Square’s Launch. BOSTON--(BUSINESS WIRE)--The newly released payment product, Square by Twitter co-founder Jack Dorsey might be a game changer for the payments world or will it? PYMNTS.com asked the industry and the reactions have been broad and varied.
As noted from one industry exec, “I think what it [Square] means is that internet payments can now go on any phone for physical transactions…” Square’s innovative approach allows anyone to setup a virtual merchant account instantly and three card networks are on board - AmEx, MasterCard and Visa.
Editor's Note: Another made this keen observation:
"All this does is encode the magstripe data to audio for pickup by the application. Then the application works exactly as a web based payment application. So the only difference between this and a merchant typing their customers card details into a web browser on their iPhone is that they don't have to type the card number, Nothing to see here."
Or, as I commented at the PYMNTS site:
"The hype over this is amazing considering that HomeATM ePayment Solutions came up with a more advanced/better product (PCI 2.x PED Certified) more than a year ago (which also plugs into an earphone jack of any phone). Especially considering that our device not only accepts Credit and Debit but PIN based Debit and Prepaid cards and allows for real-time money transfer There's absolutely no question that if Mr. Dorsey was not the Silicon Valley Rock Star he is,(based on the fact that he's the founder of Twitter) the buzz around the product would be closer to the buzz we've gotten over the last 12 months.
I have yet to see anything written regarding the security of the device (i.e. HomeATM utilizes 3DES DUKPT encryption and encrypts the Track 2 data) but nonetheless, it is refreshing to see to see interest in the device as I am of the position that in an "Apple to Apple" comparison, (yes, pun intended) the HomeATM device (with all due respect) is far superior in most every way. That said, it might make for an interesting story if PYMNTS was the one to conduct that comparison and publish the results. We would certainly be willing to go head to head with the device in a product comparison.
The press release continues:
For further reactions and to join the discussion on Square’s recent launch, check out http://pymnts.com/buzz-around-square-iphone-payment-system-do-you-believe-the-hype/#PageComments_holder.
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