Square to Accept Apple Pay Next Year
Speaking with CNN, Square founder Jack Dorsey (also co-founder of Twitter) emphasized once again that Square will accept Apple Pay. You may recall that before the iPhone and Apple Watch event, sources speaking with Bank Innovation revealed that Jack Dorsey was aware of Apple’s plans to enter the mobile payment space, so he adjusted his plans accordingly: they won’t compete with each other.
“We’re not building a credit card. We’re not building a payment device. We’re building a [cash] register, and this register accepts all these forms of payments,” Dorsey told CNN in an interview.
On the day of the iPhone event, Jack Dorsey tweeted that Square users will be able to accept any form of payment “that comes across the counter,” including Apple Pay, and announced the company’s plans to build a full point of sale (or POS).
Our millions of sellers will be able to accept any form of payment that comes across the counter, including Apple Pay!
— Jack (@jack) September 9, 2014
Until now, Square was using a smartphone or tablet to allow small businesses to accept payments any time anywhere by attaching a card reader to the device, and as such the handset became the mobile point of sale.
However, the system is dated if we consider that it isn’t compatible with the latest form of payments, Apple Pay or even Google Wallet, since it isn’t NFC compatible. Dorsey’s plan is to change that by offering a full NFC-compatible POS system.