Introducing New Online Payment System: Square

Transcript by BY GARY COTTONANCHOR CHRISTINA HARTMAN You’re watching multisource business news analysis from Newsy. Square co-founder and CEO Jack Dorsey recently announced a new version of his company’s digital payment system. Their latest smartphone app lets customers open tabs and pay for products in stores — with their names. Their new system called “Card Case” is an extension of their current digital payment system — and saves payment information after a single swipe. The New York Times’ Bits blog explains… “With two new apps, Card Case for consumers and Register for merchants, Square wants to be involved in every step of the transaction process by replacing cash registers, loyalty cards and paper receipts. …Shoppers pay by simply giving their name to the merchant — as in, ‘charge it to Jack.’” Other digital wallet accounts exist, but Dorsey says the simplicity of Square’s program stands out from the competition. The CEO tells Fortune — he took tips from iTunes and Amazon to create a more more streamlined system. DORSEY “You download the application to your phone. It’s a beautiful card case, you push one button that says ‘start tab’, once I hit that I can put my phone away, go to the counter, and say ‘I’d like a cappuccino please, put it on Jack’ you can just pay with your name.” And customers aren’t the only ones who can benefit from this new system. The other half of app seeks to eliminate the use of traditional cash registers — even making it
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