The Square Mobile Payment System is early on the curve of a new wave of applications for phones (iPhone and Android) and other mobile technologies like tablet PCs (iPad, etc.). These emerging apps go beyond current ones as they integrate hardware into the systems.
Plugging Square's hardware into a device's audio jack allows the user to use the app to pay by credit or debit cards, gift cards and prepaid cards. These payments can go to businesses or individuals who also have Square.
A couple things will be interesting to watch for:
- When will consumers adopt these types of apps?
- How quickly will businesses adapt to the such new apps?
- When will other types of apps that integrate hardware be offered?