15 thoughts on “Who's Afraid of NFC? Not Square”

  1. I don’t see anything in this post that explains why Square is not afraid of NFC, other than the dismissal of NFC as an emerging technology and one that won’t displace credit cards for some time.

    The issue with this is that Square itself is an emerging service, and if it is emerging in a space that runs counter to an emerging technology like NFC (which will likely have strong momentum), then the clock is already running out for Square.

    I think they understand this, though, and simply don’t want to tip their hand too much while they’re in the kitchen “baking” NFC into the Square model.

  2. NFC is just the physical medium for conducting a transaction, it only replaces the physical credit card. Individuals and small businesses won’t find it any easier to receive a payment thru a bank using NFC, unless Google or Apple offers that service. If Square establishes itself as a popular electronic payment processor, there shouldn’t be any reason why they couldn’t support NFC payments.

    I am hoping that Square offers consumers the opportunity to use one of their adapters on their own phone (or even computer), so they can swipe their credit/debit card when making an internet purchase, without having to enter any numbers (this would also reduce the fee for merchants to 2.5%, which is lower than for transactions where the card is not physically present).

    I really love the idea of Square, I wish they would have let me invest. I think this will be a bigger hit for Dorsey than twitter.

  3. “We are waiting for folks to come up with compelling NFC apps.” – easy enough to do already. A simple database apps is required to access the NFC chip and store the meta data. Hook that meta data into the browser via a simple plugin and all of a sudden your browser is NFC capable and can send that data to any web service. No attachment required.

  4. NFC and mWallets are the future of payment (there’s a reason the heavyweights are already heavily invested), and their direct competitors are well ahead of them.

    Even if they eschew NFC, there’s nothing new here. Square processes their payments through a card processor (Chase in their case) or ACH, and requires a credit/identity check like every other provider. There’s a reason they want your SSN. Read the fine print.

  5. NFC is not about payment only as the “C” stands for communication. Yet, it can petty easily establish a P2P connection. So I suspect Google had it in mind when adding support for NFC into android. Got it? Yeah, you can share files with your friends, circumventing carriers. So now, you’ve got clear idea who’s to afraid of NFC, right?

  6. Hey Om! The San Francisco Chronicle is still in the San Francisco Chronicle building!! We have some groundbreaking technology: Gather news and then print it in on dead trees.

  7. Square will be well-positioned to take advantage of NFC when necessary. There’s a lot more to payment processing than transferring a number from a payer to a merchant.

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