In an interview with CNN Money, Square founder Jack Dorsey detailed plans for the company to soon begin accepting Apple Pay as part of their growing presence in the mobile payment space.
Being that both Square and Apple offer alternative payments that get consumers away from standard credit cards and cash, many label them as rivals. But, as Dorsey explained to CNN, he sees their relationship differently:
“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.
Square’s currently technology will need to be reworked slightly to accommodate their new partnership with Apple. Currently Square’s scanning device can read in credit cards just fine on Apple iPhones and iPads, but it is not equipped to handle Apple Pay’s method of transferring money between devices.
This deal comes on the heels of Square announcing a partnership with the popular send-it-and-forget-it photo sharing app, Snapchat, allowing users to send money directly from the app using Square’s services. It’s unknown if Apple Pay will work in any way with Snapcash, but with both deals in place Square is set to handle money transfers for a large chunk of mobile phone users.
If all goes according to plan, Square should be accepting Apple Pay sometime in 2015.
[button link=”http://money.cnn.com/2014/11/21/technology/mobile/apple-pay-square-payments/index.html” icon=”fa-external-link” side=”left” target=”blank” color=”285b5e” textcolor=”ffffff”]Source: CNN Money[/button]
Last Updated on November 27, 2018.