Square’s Launch of Point-of-Sale Terminal Triggers Speculation for Cryptocurrency Integration

Published October 20, 2018 | Updated October 20, 2018

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Square’s Launch of Point-of-Sale Terminal Triggers Speculation for Cryptocurrency Integration

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.


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.


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.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
Nilesh Maurya 690 Articles
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
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