Square is reportedly creating a point of sale solution that would accept Bitcoin and Apple Pay.
Currently, physical merchants who want to accept Bitcoin are limited to customized solutions. Square’s point of sale solution is already quite common. A Bitcoin-enabled version, adopted en masse, would substantially expand the options available to consumers looking to pay with digital currency. A Square spokesman said, “Square sellers should never have to miss out on a sale. They should be able to accept any form of payment.”
Square’s register solution is better known for supporting credit cards. In supporting Bitcoin, merchants can realize a potential savings of 1-3% on fees. Apple Pay offers some security improvements, although it has been argued that savings in fees are unlikely.
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The arrival date has yet to be announced.
Square CEO Jack Dorsey told the CBC:
“We’re building a register so that sellers can accept a credit card, so they can accept cash, so they can accept a cheque, so they can accept Bitcoin and so they can accept any form of payment that comes across the counter including future ones and burgeoning ones like Apple Pay.”
Square’s other product line, its online storefront Square Market, began supporting Bitcoin earlier this year.