Square Launches a Point of Sale Payment Terminal, Bitcoin Integration Rumors Pick Up
Consumer and merchant payment network Square, through social media and an interview with Nerdist, recently reported that it is launching its point-of-sale (PoS) terminal and that it may also include bitcoin integration. Square is meant to be a standalone device that functions as a solution for merchants who want to accept card payments. The company’s move is amid its testing process and its market share price dropping 25 percent since the start of October.
The platform’s shares are currently trading around $0.75. Bitcoinist also reported in August that the platform ahs a patent application which would allow it to accept cryptocurrency payment by merchant integration. Though there has been no official product yet, thee buzz has led to Friday’s PoS reveal and predictions from cryptocurrency commentators.
As it stands, the platform has already partly-integrated Bitcoin into its product base last year and it also started a rollout of buying and selling functionality in its consumer app that it completed this summer. Such moves have led to positive reactions from users, many who saw it as an upgrade that they wanted for a long time.
Though the platform has not been quite clear concerning its bitcoin stance, there certainly have been mixed signals from Jack Dorsey, the platform’s CEO. Dorsey presided over the network’s instigating a full ban on crypto advertising, which was a very unpopular decision. The potential PoS cryptocurrency move by Square may appeal to merchants who are interested in accepting digital assets.
A few months ago, Bitcoinist reported that the crypto merchant payment platforms BitPay and Coinbase have faced stiff competition from open-source alternatives. Concerning BitPay, there has been slow process implementing SegWit support and poor reliability. As a result, one developer has vowed to make the company “obsolete” with BTCPay.