The Square Debit Card Draws Funds from One's Square Cash Account
Laura McQuarrie — May 10, 2017 — Tech
References: squareup & recode.net
As well as producing the Square Reader and the Square Stand for facilitating effortless cash payments, Square is now launching a physical Square Debit card.
Square Debit cards set themselves apart as prepaid cards that are not at all tied to one's bank account. Instead, funds will be drawn from the card from the balance carried by one's Square Cash app. Tis new product is set to help Square bridge the gap between current physical and future cashless payment options.
When ordering their Square Debit card, users are prompted to provide their signature so that their name may be laser-printed on the front of the minimalist all-black plastic payment card. Square CEO Jack Dorsey recently teased his own version of the Square Debit card with "@Jack" on it.
Square Debit cards set themselves apart as prepaid cards that are not at all tied to one's bank account. Instead, funds will be drawn from the card from the balance carried by one's Square Cash app. Tis new product is set to help Square bridge the gap between current physical and future cashless payment options.
When ordering their Square Debit card, users are prompted to provide their signature so that their name may be laser-printed on the front of the minimalist all-black plastic payment card. Square CEO Jack Dorsey recently teased his own version of the Square Debit card with "@Jack" on it.
Trend Themes
1. Prepaid Cards - The trend towards prepaid cards like the Square Debit card presents an opportunity for disruptive innovation in the banking and financial services industry.
2. Cashless Payments - The rise of app-connected debit cards like the Square Debit card opens up disruptive innovation opportunities in the mobile payment and fintech industries.
3. Personalized Payment Cards - The demand for personalized payment cards, as seen with the laser-printed names on the Square Debit card, can lead to disruptive innovation in the card manufacturing and customization sector.
Industry Implications
1. Banking and Financial Services - The introduction of app-connected prepaid debit cards disrupts traditional banking models and offers new opportunities for financial institutions to cater to a cashless economy.
2. Mobile Payment - App-connected debit cards create disruptive innovation opportunities in the mobile payment industry, as users can easily make cashless transactions via their smartphones.
3. Card Manufacturing and Customization - The trend towards personalized payment cards, exemplified by the laser-printed names on the Square Debit card, presents disruptive innovation opportunities for companies in the card manufacturing and customization industry.
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