Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Square Versus Intuit GoPayment: Mobile Payment Comparison
For business that want to accept credit card payments through their smartphones, there are quite a few choices available. Two leading contenders are Square and Intuit’s GoPayment. Both services offer this feature, but there are some differences that may sway your decision on which one is best for you.
For example, GoPayment requires a credit check, square does not. Intuit’s free reader supports the iPhone, and Square currently supports only Android or IOS devices.
Business Insider provides a good side-to-side comparison chart of these two services.
More information: Business Insider.
Jack Dorsey’s Square Mobile Payments Company Raises $27.5 Million in New Funding
Twitter co-founder Jack Dorsey’s mobile payments startup, called Square, is in the process of raising a new round of funding at a valuation of more than $200 million, according to TechCrunch. The online technology blog cites Square’s general manager Keith Rabois as indicating that Square raised $27.5 million in new funding, with Sequoia Capital leading the round.
TechCrunch says they’ve heard that sources familiar with the matter say Square’s valuation in the round was approximately $240 million.
via TechCrunch
Mobile Payment Players to Watch in 2011
As consumers increasingly adopt smartphone technology and all the new app’s that go with it, mobile payment is becoming much more used and accepted, and companies including Google, Apple, and other smartphone players are providing mobile-payment enabling technologies such as near-field communications (NFC) into their devices, while other service like Foursquare and ShopKick are engaging consumers at the point-of-purchase locations like never before.
Editors at Advertising Age have done a round-up of some potentially hot product and services offerings for 2011, covering PayPal, Rightcliq, Square, iConcessionStand, and Zong.
“The rewards for savvy brands that build relationships with consumers on these new payment platforms go beyond just publicity and profit – it may just be a way to create meaningful relationships with consumers at the point of purchase and far beyond.”
More: Meet the Next-Generation Payments Systems Set to Drive Future Commerce.
Square
Square is a revolutionary service that enables anyone to accept credit cards anywhere. Square offers an easy to use, free credit card reader that plugs into a phone or iPad. It’s simple to sign up. There is no extra equipment, complicated contracts, monthly fees or merchant account required.
Co-founded by Jim McKelvey and Jack Dorsey in 2009, the company is headquartered in San Francisco with additional offices in Saint Louis and New York City.
More information: Square.
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