Saturday, October 2, 2010

What We're Reading: "A Simple Swipe on a Phone, and You’re Paid"

We've had an eye on Square for a few months. The electronic payments startup has been around since Summer 2009 and began testing its product late last year. This spring, Square released iPad and iPhone apps along with their necessary hardware: a credit card reader that plugs into your i-device's headphone jack. Now that some initial glitches have been cleared up, Square has been in the limelight, with a featured appearance at the DEMO Fall 2010 conference last month and, this week, a glowing review from the New York Times's David Pogue.

Like everyone we admire Square's prescient identification of a market opportunity, radically democratizing the ability to accept credit card payments, as well as its impressive ability to raise enough money to get a complex product off the ground in little over a year. But of course the aspect that really caught our attention was the idea of expanding electronic payment options to the masses. Square's iPhone app is a great complement to iPling's Instant Classifieds for iPhone. Shop any where, any time for items nearby; pay any where, any time, any how. Sort of has a ring, doesn't it?

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