Jack Dorsey says Square will begin accepting Apple Pay in 2015

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Square founder and CEO Jack Dorsey confirmed to CNN on Friday that Square will begin supporting Apple Pay and other near-field communications (NFC)-based payments systems in some form in 2015. In September, Dorsey had told Canada’s CBC that Square would not only support NFC payments but bitcoin as well.

Whether that means Square will issue a new Reader or an accessory that plugs into Square Stand (or both) supporting NFC transactions, Dorsey didn’t say. None of the company’s current or already-announced forthcoming hardware can process an NFC transaction, though Square is moving to more secure embedded-chip card processing next year, along with the rest of the point-of-sale retail industry.

A partnership between [company]Apple[/company] and Square shouldn’t come as a surprise. For some reason, many media outlets have been depicting Square and Apple at odds with one another as Apple Pay rolls out. While Square and Apple might compete in some areas, Square’s core business — credit card purchase processing — is completely different from Apple Pay. As Dorsey pointed out, Apple is building the credit card, and Square is building the cash register. The two couldn’t be more complementary.

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eideard

Chip-and-pin technology mandated by regs for 2015. Just about all the terminal mfg – all I’ve checked, so far – are automagically including an NFC chip. Foolish not to.

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