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Why Square and how does it innovative
According to the smartphone usage statistics 2012, “Android has the highest market share with 46.9% – the iPhone has 28.7%”. Which show that there is a large population of people are using the smart phone and iphone. Square Company innovated a white plastic card reader, a device that lets small businesses use phones and tablets to accept credit cards. “A tiny,sleek device that turns an ordinary smartphones into a credit-card reader and looks set to transform mobile payments.” [Fitzgeorge-Parker 2010] This idea came to Jack Dorsey, the inventor of Square, because his friend Jim McKelvey, a glassblower, was complaining about that he failed to make a sale since he did not have the access to credit card. Jack and Jim believes there are many small business man are in the same situation. Therefore they saw the opportunity and “Square was introduced in early 2010 by Square Inc. by Jack Dorsey and Jim McKelvey” (Square Website). A year later, “the company has grown from 150 employees to more than 400 and now processes $8 billion in annualized payments. Compare that to one year ago, when the same figure was $1 billion, and it becomes easier to visualise Square's upward swing.” [Welch, C(2012)] The Square is now available for the iPhone, iPod, iPad and all Android-based mobile phones. From most Journals and News I read, calling Square a mere payment machine seems minimize its potential. It is now one of the fastest growing and competitive technology companies in the world, because of its unique entrepreneurship and the huge technology innovation. Square not only provides a platform for small retailers to access credit card service in order to compete with large companies and attract credit card usage customers, but also offers customers more options when making purchasing decisions between large companies versus small retailers. Therefore, Square has given small retailers a new life and turned the technological payment innovation into
According to the smartphone usage statistics 2012, “Android has the highest market share with 46.9% – the iPhone has 28.7%”. Which show that there is a large population of people are using the smart phone and iphone. Square Company innovated a white plastic card reader, a device that lets small businesses use phones and tablets to accept credit cards. “A tiny,sleek device that turns an ordinary smartphones into a credit-card reader and looks set to transform mobile payments.” [Fitzgeorge-Parker 2010] This idea came to Jack Dorsey, the inventor of Square, because his friend Jim McKelvey, a glassblower, was complaining about that he failed to make a sale since he did not have the access to credit card. Jack and Jim believes there are many small business man are in the same situation. Therefore they saw the opportunity and “Square was introduced in early 2010 by Square Inc. by Jack Dorsey and Jim McKelvey” (Square Website). A year later, “the company has grown from 150 employees to more than 400 and now processes $8 billion in annualized payments. Compare that to one year ago, when the same figure was $1 billion, and it becomes easier to visualise Square's upward swing.” [Welch, C(2012)] The Square is now available for the iPhone, iPod, iPad and all Android-based mobile phones. From most Journals and News I read, calling Square a mere payment machine seems minimize its potential. It is now one of the fastest growing and competitive technology companies in the world, because of its unique entrepreneurship and the huge technology innovation. Square not only provides a platform for small retailers to access credit card service in order to compete with large companies and attract credit card usage customers, but also offers customers more options when making purchasing decisions between large companies versus small retailers. Therefore, Square has given small retailers a new life and turned the technological payment innovation into