According to the official announcement, consumer and merchant payment network, Square Inc. has launched its point-of-sale (PoS) terminal. While the news in itself was great for the company, the recent activities of Square Inc. make crypto enthusiast believe this device could soon have a cryptocurrency integration.
Square’s patent for cryptocurrency payments via merchant integration sparks speculation
The launch of new point-of-sale payment terminal was announced by Jack Dorsey himself when he twitted saying that it has taken company 9 years to have a simple way to replace all those clunky card terminals littering countertops around the world.
After 9 years, we finally have a simple way to replace all those clunky card terminals littering countertops around the world. A lot of work and thought went into Square Terminal, and we’re excited to see how sellers of all sizes use it. https://t.co/SJMTfoJWMQ
— jack (@jack) October 18, 2018
He also shared the official announcement tweet which came from Square’s official twitter handle that had a video showing how seamlessly the terminal functions.
? Introducing Square Terminal. The old way of taking payments is finally made new. pic.twitter.com/jzY7IWnCmC
— Square (@Square) October 18, 2018
According to the details available on the website, the device is priced at $399 and is available on a $37 per month installment for 12 months. The company would be charging merchants one flat rate for every tap, dip, or swipe: 2.6% + 10¢ and will provide facility to get funds as fast as the next business day. The company believes it has a strong product that better industry standards in every possible way. A quote from the Square Website
“Square Terminal is designed to withstand the busiest checkouts. It’s a credit card machine built top-to-bottom by Square so everything just works”.
While the official announcement doesn’t speak anything about cryptos or bitcoin integration, crypto enthusiasts believe this feature could be coming soon as, In August, certain media had reported on a patent application which would see Square accept cryptocurrency payments via merchant integration. According to published documents, Square Inc. had received approval from the USPTO for a patent concerning a new payments system that would permit merchants to accept any currency, including digital ones. Square had filed the patent back on September 22, 2017, and it noted how:
“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies…including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)”
Additionally, the patent’s abstract explained how the:
“Present technology supports payments using cryptocurrency while improving such transactions in a way that takes advantage of benefits of such transactions while overcoming drawbacks such as delays in processing”.
For Square, cryptos are not new as the company had already-partly integrated Bitcoin (BTC) into its product base. This happened late last year, and it began a rollout of buying and selling functionality in its consumer app which it completed this summer.
What kind of potential Square’s future holds for Bitcoin merchant payments is something we will have to wait and watch. But this definitely it’s good news
Will Square’s POS increase bitcoin acceptance at merchant level? Do let us know your views on the same.