The Twitter CEO’s other startup is offering customers a card that reportedly allows you to use money in your Square Cash account
It’s now hip to be Square.
The mobile payment company co-founded by Twitter chief exec Jack Dorsey has launched its first ever prepaid card. But don’t toss your other cards just yet: the card’s only function is is to let users withdraw money and pay for things using funds stored in their Square Cash accounts, Recode reports, while pondering why anybody would want something so limited in functionality.
Well, the introduction of the black card follows recent moves by Square to encourage customers to use its Square Cash service everywhere. In 2014, Square tested—and then killed—a logoless black Square credit card. Last year, the service was also integrated into Apple Pay. Rumors of a card launch have been in the air since Dorsey teased an image of a black card—his “wallet these days”—on (what else?) Twitter last month.
my wallet these days pic.twitter.com/l8ug8bjpzT
— jack (@jack) April 14, 2017
This is a decidedly retro-seeming project coming from a company best known for progressive innovations like Square Stand—the iPad-to-cashier conversion device that’s now ubiquitous in coffee shops—and friend-to-friend payment service Square Cash. According to its latest quarterly filing, Square processed $13.6 billion in payments in the first quarter of 2017, up 33% from the comparable quarter a year before. A representative for Square didn’t immediately return a request for comment.
That said, it might just be the status symbol tech-savvy millennials want. If the card looks anything like what Dorsey posted on Twitter however, it could be a hit. After all, sleek looking credit cards are all the rage these days.
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