Square has come a long way, in fact with the company’s recent developments, it is challenging NFC as the payment technique of the future, according to PCmag.com.
Here is a quick breakdown of how the companies compare.
Square users will need an Android or iOS based smart phone, and they must invest $1 to purchase the application, which comes with a free Square reader.
For the new Square Register application, businesses will need an iPad. The application will enable them to process Square mobile payments and keep track of payments with a virtual receipt database.
NFC technology is a bit different. Right now few smart phones are equipped with an NFC chip, however the Samsung Nexus S running Android OS is equipped with NFC. Later this year it’s predicted that the market will see an increased number of NFC-enabled devices.
Here’s how payments for the two systems break down:
Square customers must go into a retailer and check in using the Square app. The cuustomer can then pay for the order using the Square app and then walk out. The item is then added to the persons account and the payment card attached to the account is charged. The user receives a receipt via a text message.
NFC on the other hand has fewer steps. Walk into a store, place your phone next to an NFC terminal and the item is immediately purchased and charged to your credit or debit account, according to pcmag.com.
At this point NFC requires a lot less moving parts, and is a way smoother process to implement.
Security is still not completely finalized for either payment process, but should be closer to consumer adoption and mass market launch of these emerging technologies.
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