Square, a virtual wallet app that allows customers to make purchases at certain merchants using only their name, went through a bit of an upgrade this week. The app has launched a new geotracking fipunctionality that allows customers to opt in for certain establishments so every time they are within a certain radius of that business they are on a sort of pre-qualified shopper list. So, there's no need to activate the app at point of sale to make a transaction. Customer profiles, which contain a photo for security purposes, will automatically populate on the merchant's app and the shopper can just give his/her name to make a purchase.
Despite some security concerns around fraud, this is further transforming the payments industry and could push payment providers (including my current employer!) into a serious share loss situation. Square, as well as a number of similar European players, are the ones to watch as we are further enveloped into a digital society.
http://techcrunch.com/2011/11/02/squares-card-case-ios-app-adds-support-for-geofencing-twitter-integration-for-merchants-and-more/
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