Mobile payments space hots up

Juniper_Innovations_supply_chain_business_analysis7Square, the Visa backed mobile credit card reading company has reported $3million worth of transactions in a single day.  This is all within 12 months of its public launch.

Square offers a free credit card reader that plugs into a phone or iPad. They claim that after signing up, there is no extra equipment or contracts.  This enables businesses to take payments from mobile devices without incurring hefty transaction fees or dealing with merchant accounts.

The appeal to small businesses is that there are other viable options to cost-prohibitive point-of-sale systems such as Square, Veifone’s PAYware Mobile, iZettle and Intuit’s GoPayment.

With Orange’s NFC launch last week, the mobile payments space on the High Street is hotting up!