I am very excited about the “arrival” of the Square. It was announced today on both Mashable and Techcrunch, and I truly see it changing the way we do business, and more importantly how convenient the process of online purchasing will turn into.
Ironically, in the past week I processed a few thoughts about the possibility of having a similar product that it is Mac/PC based Payment System (note: the square is a mobile based payment system). In fact, it happens every time I try to purchase online, and asked to fill in my credit card information. I always thought it was too long of a process.
The idea for an internet based payment system is not new. 12 years ago I held a marketing position in a company named Mondex, which used a somewhat similar concept. I will not go into too much details, but basically Mondex provided an electronic device that is connected to a phone landline (at the customer’s house), and can withdrawal electronic “cash” directly from the client’s checking account, and place it on a special chip that was embedded in the card (similar to a debit card, but with control of how much money one can put on his/her personal card). Customers could then go and shop around local businesses until they used all the money on their card.
Remember, it is 1998 so please do not attempt to draw a direct link between the square and Mondex.
Back to the square. I think it is a welcomed addition to the Internet world. I wonder, however, if having a device that is so simple to use will have any impact on our purchasing behavior. If you think about, what is easier than swiping your card using your iPhone to purchase?
There are still some security questions I have in mind, but I am sure they will be answered once the product is fully launched.
What is your thought about this device? Do you think it is good, bad? Will it make you purchase more?