Take a look at this infographic published in Wired last week that shows an hour of transactions that were performed through Square. Square is a rapidly-growing payments platform that makes it possible for anyone to accept credit cards, using their main feature, the free (yes, free) little white square credit-card-swiper that you might have seen at small businesses or places where people exchange money that has traditionally been more cash-focused because of temporary or mobile conditions (such as flea or farmer’s markets). Anyone can sign up and get a reader, and the app is free on phones and iPads, so if you lend out a lot of money to your friends and they never have cash to pay you back, here’s an option for you. The reader is free but every transaction gives a 2.75% cut to Square.
Square is also trying to push a mobile payments platform that lets you pay via your phone, without needing any card, at local businesses that you frequent or just want to check out. The businesses must be listed in the Square directory, meaning that they’re all set up to accept money that way, and you can just walk in and add purchases to your tab on your smartphone, which gets confirmed at the register (iPhone and certain Android devices only, at the moment). Not only does it cut out the need for carrying your wallet, as Square emphasizes, it also encourages recognition between local, smaller businesses and their frequent customers. Or even just any customers.
Square is definitely not the only mobile payments platform out there, but they’ve been pushing hard to get their little white block out there, and the map is fascinating to look at. I can’t say it’s a favorite device of mine, because I’ve used and experienced it before and it’s always been finicky and difficult to work with — mostly in problems getting the cards to swipe and register, which seems to be more of the hardware. I’m always scared it’s going to break, because it’s connected to your device through the headphone jack. While it’s great that they’ve worked so hard to get their product and app out, I think that their reader can probably be improved, and it’s interesting that they’re sort of letting everyone test-drive the hardware on such a large scale when it’s not quite reliable yet. But clearly that has been working for them, looking at this map.
What Are Those Circles?
The circles represent single transactions going through the Square payments system during a one-hour period on a recent Thursday afternoon–the larger the circle, the bigger the dollar amount of the sale. These transactions happened around 4 p.m. Eastern. So think happy hour in New York, and lunch hour in San Francisco, where Square is based. A busy period for Square and the merchants who use it.