Get all the best news and insights in payments everyday in your inbox.
/news
- Prudential Financial, Inc. to Participate in the Bank of America Merrill Lynch 2012 Insurance Conference; Live Webcast Available
- Baron and Budd Files Lawsuit Against Wells Fargo and Chase Over Excessive Mortgage Default Fees
- American Express Group President to Participate in the KBW Cards, Payments & Financial Technology Symposium
- American Express Business Insights Data Show Full-Price Online Luxury Fashion Spending Sizzling as New York Fashion Week Heats Up
- Supply & Demand Chain Executive Names DiCentral’s Thuy Mai as 2012 Pro to Know
CEO Series: Twitter Vet Jack Dorsey on Why Square is What's Next
When buzz began bubbling up around Square about a month ago, the industry took notice. Many charged that was due mainly in part because the driving force behind Square was the co-founder of Twitter, Jack Dorsey. Many industry insiders, like MagTek CEO Mimi Hart, raised security concerns around where the consumer's data was encrypted.
There have been a number of devices to hit the market recently. Most notably was VeriFone's PAYware Mobile iPhone payments device. In a recent video interview with Tech Crunch, Dorsey was asked for his reaction to VeriFone's announcement as seen on PYMNTS.com. In the announcement, VeriFone CEO Douglas G. Bergeron said, "Banks and processors are concerned about the security issues of unapproved merchants using unregulated software and insecure fobs to accept card payments." When asked if he thought Bergeron was taking a swipe at Square, Dorsey took the high road and explained that Square would be going through the same PCI compliance measures as VeriFone or any other device would.
Whenever Dorsey has demoed the device, he has made it clear that the device is just a small component of what Square is about. He has said that he and his Square-mates are interested in redesigning the payments experience. PYMNTS.com asked "Paying with Plastic" author and industry expert David S. Evans to speak with Dorsey about why Square is "what's next" in payments.
Read the full transcript here
Listen to the interview here:
What's your opinion on Square and other mobile payments devices? Contact Us to share your thoughts, PYMNTS.com is always looking for new voices to be heard.
Related Content
iPhone Payments Smackdown: Square vs. VeriFone
VeriFone Announces iPhone Secure Payments Solution
Sure Square Is Cool, But Is It Secure? MagTek CEO Mimi Hart Weighs In on Square
The Commerce Fault Line: Square Aims at Mobilizing Payments
PYMNTS LinkedIn Group: Industry Reaction to Square
Will Twitter Founder's Square Make the Payments World Go Round?
Post your comment
Comments
iCache is a device which has biometric security built into it, complies with all payment industry security standards and does not ask the consumer or merchant to change their behavior. Please check out www.icache.com and feel free to email me at jramaci@icache.com.
Posted by Jonathan Ramaci, 15/02/2010 9:08am (2 years ago)
Again, the interviewer never pushes him on the key question. Where is the security in the device or payment app? No mention of certifications for either of these critical components or the payment gateway. Mobile payment and banking apps are the next frontier for hackers. Mimi is right about the security concerns here. No mention of the patent dispute on the audio conversion technology?
Posted by Jason Gillespie, 12/02/2010 5:16pm (2 years ago)
Hey, that was interesting,
This is the first that i have heard of "square" it cant be that big...
Anyway, thanks for the post
Posted by software development in london, 18/01/2010 6:34am (2 years ago)
Jack Dorsey will learn very quickly what so many other payment companies have learned along the merchant services highway (which is littered with roadkill); Having experience and depth of knowledge on the payments industry is a requirement. NEWS FLASH! The wirless remote terminal has existed for a number of years. This concept has no legs and breaks every rule in the book. Basic dilligence on what is already available to merchants apparently was not part of the dilligence exercise. Tiny merchants at outdoor flea markets---they can't get merchant accounts set up for a very good reason-RISK.
If you have ever been in a Taxi in New York-you have seen a wireless remote terminal! NOTE: in this use case the Iphone is the equivalent of a paperweight. Twitter founder was marginalized and now he's got an axe to grind to prove to the world that he can create a business model that includes a sustainable revenue model. Unfotunately, he would have been better off continuing to fight the uphill battle with the Twitter engineers..
Painful-$ 30M wow-the VC can kiss that money goodbye!
Jimmy
Posted by Jimmy Mobile Guru, 23/12/2009 11:50am (2 years ago)
How much would a finger print application for the iPhone completley destroy the security issue? Then all you would need is Issuers and Aquirers to accept finger print as a form of ID...
The disruptive part of @Square @mpayy @obopay @verifonepay or TSYS Mobile PASS is the platform of software behind it. Rather than relying on schemes, and a long winded file transfer. Your authentication is handled within the Platform at the POT (Point of Transaction).
Posted by Simon Taylor, 23/12/2009 9:58am (2 years ago)
Wireless terminal and mobile payments are not new.
Posted by Accepting Credit Cards, 23/12/2009 9:00am (2 years ago)
Wireless terminal and mobile payments are not new.
Posted by Accepting Credit Cards, 23/12/2009 9:00am (2 years ago)
RSS feed for comments on this page | RSS feed for all comments