Over two million individuals and businesses are now able to accept credit and debit card payments with Square (view press release.) In its first year of availability, one million individuals adopted the Square credit card reader as a solution for taking card payments. In 6 months, Square has doubled to two million users and processes around USD6 billion in payments a year.
Square’s card reader plugs into the headphone jack of an iPhone, iPad or Android device and allows credit card payments through free, downloadable Square Card Reader and Square Register apps at a rate of 2.75% per swipe. Square merchants have access to their funds the next business day.
There are increasing calls for the use of open banking APIs from industry groups and even the UK Treasury. It is clear that this market shift is inevitable, but while this openness will facilitate innovation and drive competition, there is uncertainty.
The European Banking Authority (EBA) has published the long-awaited draft of the Regulatory Technical Standards (RTS) covering Secure Customer Authentication (SCA) and secure communication. Tom Hay, head of payments at Icon Solutions shares his thoughts on whether they will be effective.
In another big deal for the global payments industry this week, credit card firm Visa has inked a partnership with digital payments processor PayPal.
The five fintech startups joining credit card company’s Capital One’s new fintech accelerator in Nottingham have been named, including Credit Kudos, Multisense, Pariti, Warwick Analytics and WealRo.