May 24 2011
Smartphones, such as Android phones and Apple's iPhone, are getting in the hands of more people every day. 500 million smartphones are expected to be sold in 2011. As they say, there is an app for everything. A new mobile payment startup Square, founded by Twitter creator Jack Dorsey, has possibly created the 'killer app' to turn the plastic in your wallet into a thing of the past. Square recently announced a new product called Card Case.
Card Case is new feature in the Square that allows consumers to pay for things at local businees by just using their iPhone or Android phone. With Card Case, one can pay for purchases by just using their name. First one must said up a tab with merchant who is currently using the Square Mobile Payment system. Currently, select merchants in New York, Washington, DC, San Francisco, Los Angeles, and St. Louis are currently accepting payments via Card Case. More cities are coming soon.
With the app, you will also be able to find local deals from merchants who accepts Card Case (think Groupon merged with Foursquare). You will also be available to view menus from restaurants, cafes, and other similar merchants with Card Case. The app will also store all of your receipts securely.
On the heels of this announcement, Google recently announced they will be launcing their own virtual wallet.