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Square Not Scared of Apple Pay

Square CEO plans to accept bitcoin and Apple Pay in the future.

Jack Dorsey, Square CEO, has said Square’s product is fundamentally different to the service Apple Pay is providing and they are therefore not a threat. At the opening of Square’s new office in Kitchener, Ontario, Dorsey explained that while Apple are “… building something that allows a credit card to be used in another place, but they’re not building a terminal. We are a terminal … so there’s no threat, there’s no competition there at all,” reports CBC News in Canada. In short, while Apple Pay enables payments, Square accepts them.

Apple Pay will become available to consumers in the US in October. Retailers including Whole Foods, McDonald’s, and Nike have signed on and will be allowing their customers to pay using near field communication (NFC). Users will have to enter card details manually or scan their card using the new iPhone 6 or 6 Plus camera. The phone can then be held by a terminal with NFC technology and payment will be made.

Square, on the other hand, provides the Square register which involves a card reader and an app available for Android and iOS. Users swipe their card at the terminal and the payment registers through the merchant’s mobile device. The register will eventually be built to allow merchants to accept card, cash, cheque, bitcoin, Apple Pay, and any other future payment forms that emerge, Dorsey told CBC News.

Whole Foods, who will be part of the Apple Pay movement in October, already has Square registers set up. Godiva, Uniqlo, and Burberry in the US have also all partnered with Square already. Square also has an app called Square Order available in the States. This allows consumers to order remotely and set up a tab. The app can also handle pre-ordering and pre-paying food. Square Order was released after the less successful launch of Square’s mobile wallet app, Square Wallet, which was removed from the app store in May this year.

NFC-based payments like that of Apple Pay will feature in the Mobile Payments Briefing on November 20th in London. Speakers from Barclays, Zapp, Elavon, EY and more will be discussing merchant and consumer adoption, strategies for success, and the future of mobile payments. Download the brochure here for more information.

[Image: Zizzybaloobah - Flickr]

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