Square has made a new announcement on Monday, launching its latest venture which will allow the customers using their Square card reader frequently to pay only with their names. The C.E.O. of the company, Jack Dorsey, declared during a press conference at the startup’s San Francisco headquarters, that Square Card Case will be a portable loyalty card holder making the Square application into a complete mobile payment solution.
Image via CrunchBaseEvery card put in the case will give the carrier complete access to the entire menu of the venue, highlighting all the trendy products in that particular store. The menu of the venue is updated in real time, as the customer use or view his “tab,” having a digital record of the past transactions made by the customer at that venue. The user will be able to find all the validated venues through the application’s “Explore Places” directory and use just the name to checkout without the requirement of any wallet. The receipt will be attached to loyalty card of user for that particular location.
On the other hand, all the businesses collaborating in Square Register will have their entire user list on a file from which they can select the current user with a point-of-sale screen to charge the transaction to the user’s “tab.” Total of almost 50 merchants all over Los Angeles, New York, San Francisco, St. Louis and Washington, D.C., will be supporting this new payment method. Dorsey further asserted that Square is the only company worldwide to be linking the customers to places and transactions in such manner. He interprets the Square Card Case to become a complete mobile payments solution, even better than the Starbucks Card Mobile.
Dorsey declared in the press conference that Square has totally shipped out a total of almost 500,000 card readers, and hopes to make a total $1 million in purchases per month while processing $1 billion in gross payment volume annualized. According to the latest stats, Square is worth more than $240 million after having a financial round of $27.5 million of financing as it constantly keeps processing more and more record transaction amounts. Just last April, startup processed almost $2 million in transactions on one Friday, which was a record for the highest single-day transaction figure ever. And just this past Saturday, even that record was broken by a $3 million processed in a single day by Square.
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