Square charges 2.75 for each transaction; Amazon charges 1.75.
Square, the payments startup from Twitter cofounder Jack Dorsey, has prototyped a Square credit card. The plastic card is all black, and save for the card holder’s name emblazoned on the face, features no logos—not even Square’s. Over the past year, multiple sources indicate Square employees have been carrying the card—seen here below, partially blurred to protect the card holder’s identity—around in their wallets.
However, despite buzz about the potential of a Square credit card, other company sources indicate the project was recently killed.
Details of the rumored prototype came to light during reporting for Fast Company's profile of Square, published this week. As Square seeks to unearth new sources of revenue beyond its core business of payments processing, the company has launched a slew of new products, including Square Market, Cash, Feedback, Invoices, Capital, Dashboard, and on Monday, August 11, Appointments. Some insiders expected the Square credit card would be a promising addition to the mix, potentially opening the company up to a swath of lucrative consumer loyalty and rewards services. But after pressing the company multiple times about the project, Square finally confirmed that it’s not launching a credit card. Or, should we say, the company is no longer launching one. And the reason why highlights the difficulties Square faces in the immensely complex financial space.
Would cutting credit cards out of transactions make payments cheaper? Dwolla says it would.
(Click the image above for the full infographic).
Could Better Design Reform the Banking Industry?
The government just unveiled a prototype of a new clear and readable credit card agreement, with the goal of making sure people understand what they’re getting into when they get a new card.
I barely even look at new credit card offers any more, they are all such a mess.
A rare trip inside Visa’s top-secret security center. Location: We can’t say.
Oh my God look at this piggy bank that takes credit cards it’s so cute I can’t stop laughing
As a cash-free society inches ever closer and 9-year-olds field offers for $25,000 credit lines, it was perhaps inevitable that some entrepreneurial soul would dream up the high-tech piggy bank you see here. Does it take cash or check? Neither! Plastic only, please!
But that isn’t even the most intriguing thing about it. A prototype thrown together in just a few days by Wang Chao, Maggie Kuo, and Jordi Parra, at the Umeå Institute of Design, in Sweden, the piggy bank is designed to behave like a greedy pet. An iPhone behind the grille is programmed to flash a digital character, who, little Gordon Gekko that he is, needs money to stay happy.
Feed him with your credit card, and he’s all smiles. Forget, and he gets hungry, and starts pestering you, and starts crying.
“We thought it could be a funny way to make you save money or even to teach kids how to do it while taking care of an electronic pet,” Parra tells Co. “A bit annoying, of course, but with the reward of having saved some money taking care of it.”
Click through and look at all the photos, LOOK AT THEM LOOK AT THEM LOOK AT THEM YOU WON’T BE ABLE TO STOP SQUEALING