The small credit card reading device that attaches to your iPhone and turns it into a mobile credit payment machine is coming to Wal-Mart. This device has been the exclusive domain of the ultra-hip small business owner until now. This jump into the mainstream may make Square a household word.
The hardware and app created and marketed under the name Square allows a small business owner to take credit card payments via his smart phone wherever he may be. The Square device is a small card reader that plugs into the headphone jack of an iPhone.
Square won’t be used by the discount retail giant. However, the device will soon be available for purchase at your local Wal-Mart. Currently the card reading hardware is available at Apple stores, Target and Best Buy. Wal-Mart will add approximately 9,000 more locations when Square can be purchased.
Square hopes that this move along with a few others will push it far ahead of its rather stiff competition. The company has new funding totaling around $100 million and it has brought several Silicon Valley heavy-hitters on board as well. Currently, Square is processing around $4 million in credit card payments each day. It expects that number to leap to $1 billion by the end of the year with Wal-Mart’s help.
Source: http://venturebeat.com/2011/10/24/square-wal-mart/
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