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Look at those numbers! And for those to say that Square is innovative...their reader was basically all they had back in the day. Now that everyone has created a Square clone, payment processing is a race to the bottom and all about brokering deals with large merchants and hope that the banks and processing networks don't eat your lunch.

Throw in all the regulatory hassle of dealing with money and its transfer, as well as liability for fraud, and competing in an industry as exciting as refrigerators...

Refrigerators still see some innovation e.g. the recent "I put a door in your door..." trend:


I have to agree, even Intuit is in the game. Unless Square has a unique payment processing system that is some how oh so better than the rest of the processing world, there is nothing much here.

Actually, Intuit came up with the idea for using mobile phones to accept card payments in 2007 - long before Square.

They ran trials in the Bay Area in summer 2008, launched GoPayment properly in early 2009 (with a Bluetooth reader supporting various feature phones), and launched an iPhone app in August 2009.

Square announced their card reader in December 2009 and didn't actually launch until the following May.

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