Square chief teases a smart debit card
Square Cash’s virtual payment card might not be quite so virtual in the future. Company chief Jack Dorsey has teased a strange, all-black Visa debit card that Recode suspects is really a physical Square Cash card. A Square spokesperson declined to comment, so take this with a grain of salt, but there’s evidence to suggest there’s something to this teaser. You see, Square seriously considered a payment card back in 2014 — the company is no stranger to exploring the concept of a real-world card that draws from online funds.
There’s no guarantee that Square will launch a debit card, no matter what Dorsey is carrying in his pocket. The company reportedly ditched its payment card out of a reluctance to either antagonize its partners or wade through a tangled financial industry. However, there are a few incentives to at least consider the idea.
For one, Square has previously said it would like to “own both sides of the counter.” If it handles both the cards and the payment readers, it doesn’t have to give a cut to anyone else. There’s also the simple matter of catering to a wider customer base. While you can use Apple Pay to go shopping with Square Cash, not everyone can or wants to use an iPhone to make purchases at retail. This would let you use your virtual wallet anywhere that accepts debit cards, regardless of your phone preferences. And simply speaking, a physical card is more inviting to those people hesitant to shop with their handsets. Even if most Square Cash users aren’t about to use a tangible debit card, they might appreciate the option.
my wallet these days pic.twitter.com/l8ug8bjpzT
— jack (@jack) April 14, 2017
Source: Jack Dorsey (Twitter)