Square launches point-of-sale terminal triggering speculation for cryptocurrency integration. According to an official announcement, consumer and merchant payment network, Square Inc., has launched its point-of-sale (POS) terminal. This in of itself is good news for the company, however, due to its actions regarding cryptocurrency makes crypto enthusiasts believe that this device could help forward mass adoption.
Square has a patent for cryptocurrency payments via merchant integration. Jack Dorsey announced this recent announcement, and he’s historically been very crypto-friendly. He tweeted: “After 9 years, we finally have a simple way to replace all those clunky card terminals littering countertops around the world. A lot of work and thought went into Square Terminal, and we’re excited to see how sellers of all sizes use it.”
According to Square, the device is priced at $399 and is available on a $37 per month installment for 12 months. The company would charge merchants one flat rate for every transaction which includes a tap, dip, or swipe. The company believes they have an aggressive and strong product that is better than the current offerings by other companies. “Square Terminal is designed to withstand the busiest checkouts. It’s a credit card machine built top-to-bottom by Square so everything just works.”
Unfortunately, the announcement doesn’t speak or touch upon cryptocurrencies or bitcoin integration, however, we believe that this feature could be coming soon. In August, certain media had reported on a patent application which would see Square accept cryptocurrency payments via merchant integration. Square had received approval from the US Patent office for a patent concerning a system that would allow merchants to accept any currency, including digital ones. This patent was filed on September 22, 2017.
Part of the patent read: “The disclosed technology addresses the need in the art for a payment service capable of accepting a great diversity of currencies, including virtual currencies including cryptocurrencies (bitcoin, ether, etc.).”
What do you think? Is this bullish? Would you start using cryptocurrencies if it were more readily available to spend? We discussed in a podcast a couple of weeks ago that we’d love to see more merchant adoption. Do you think this will happen? Let us know on our Facebook page!
