This could spell the end of the cash system worldwide
Square Up and Pay Me Back
You might have heard through twitter that there is a new company being formed by the creators of…Twitter. After a succesful launch a few years ago of their now widely popular Twitter, they have done it again. “Square” is set to revolutionize the way individuals will use money. If you have a smart phone or wifi enabled ipod, you will be able to get a dongle (and from what it looks like, they are going to give the dongle away for free) that attaches to your headphone jack, swipe a friends card and take a payment from him or a neighbor who you just bought that ugly christmas sweater from.
Think about the possibilities that this will have, no more excuses when your friend says…Oh I’ve got to get some cash out to pay you back the $20 bucks for lunch. You say, no problem, I take credit cards.
What’s the catch. Well just like any business, you will be charged a per transaction fee and probably a percentage of the sale, but you get your money now and quick, and you won’t have to pay a monthly fee for just having the account. Maybe you own a small plumbing business, forget having to to call in your orders to your secretary, be your own secretary and take your payments at their front door. As a designer, when I sit down for a consultation with my next client, guess what? sure I can take 50% down right now.
This could spell the end of the cash system worldwide, seriously, if everyone can process a credit card, then why ever carry cash? I think it only makes sense that we will be cashless society as somepoint, we are already heading that way. How much cash do you carry anymore?
Hold on for just a minute though…It’s not quite here, but it will be soon. According to their blog, they are currently beta testing it with a number of small businesses and hope to roll it out to everyone in early 2010.
Check out their website: www.squareup.com