Square, Inc. – Bringing Disruptive Innovations to Financial Payments



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Introduction

In February 2014, Square, Inc. (Square), a US-based innovative payments processing startup, announced a partnership with Whole Foods Market, Inc. (WFM) . As part of the deal, Square’s devices, namely, Square Stand and Square Register, were to be used at WFM’s in-store venues that included sandwich counters, juice and coffee bars, pizzerias, and beer and wine bars, to accept credit card payments.

Moreover, customers of WFM could use Square’s mobile application, namely, the ‘Square Wallet’, to make payments. Square was also given free rein to use WFM stores as ‘lab stores’ to test out new payment innovations. Square expected the high profile deal to provide increased visibility for its payment technology in the retail industry.

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Square, established in 2009, was primarily created to develop a solution that would enable small merchants to accept credit/debit card payments through their smartphones. This was expected to help small merchants avoid the hassle and prohibitive costs involved in opening a merchant account with a bank. Accordingly, the company launched the ‘Square Reader’, a square shaped device that when connected to a smartphone (having the Square mobile app) could be used to swipe cards and accept payments.

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